YTL Corp Bhd’s net profit jumped to MYR16.09m (US$3.9m) in the 2QFY21, ended 31 Dec 2020, from MYR1.29m in the preceding quarter, thanks to a strong showing by its multi-utilities business segment in Singapore. Revenue increased 10 per cent to MYR4.59bn, from MYR4.18bn in 1QFY21.
Group Executive Chairman Tan, Sri Francis Yeoh Sock Ping, said YTL Corp's earnings before interest, tax, depreciation and amortisation (EBITDA) stood at MYR2bn for the six months, as the group remained resilient in the face of COVID-19, supported by the strength of its utilities, cement and construction businesses.
Malayan Cement Bhd, which YTL Corp acquired in May 2019, recorded a narrowed loss of MYR6.8m for the six-month period, compared with MYR72.3m a year ago.
This is despite its cumulative revenue falling to MYR718.4m from MYR912.8m, "due to a decline in domestic cement sales volumes resulting from the disruption to construction activities upon the reinstatement of the conditional movement control order in most parts of Peninsular Malaysia in early November 2020," added Yeoh.
Mr Yeoh said the segment's loss has been reduced significantly due to the better margins on domestic cement sales, improved efficiencies in production costs and other ongoing rationalisation efforts since the acquisition of a majority stake in the company.
