KUALA LUMPUR: YTL Corp Bhd's net profit jumped 33 per cent to RM320.3 million for the six months ended December 31, 2022, from RM241.3 million in the same period last year, driven by growth in its utilities and hotel operations.
Group revenue climbed 10 per cent to RM13.08 billion for the half-year under review, from RM11.92 billion in the previous year.
Tan Sri (Sir) Francis Yeoh Sock Ping, executive chairman of YTL Corp, said the group had strong earnings in the second quarter of its fiscal year 2023.
"The utilities segment saw an ongoing stable performance from its core businesses. Meanwhile, our hotels' division has continued to register significantly better results following the easing of pandemic restrictions and increasing return to normalcy in the global tourism industry," he said in a statement today.
Yeoh said the group's EBITDA (earnings before interest, tax, depreciation, and amortisation) continued to strengthen, with a 14 per cent increase to RM2.48 billion for the half-year under review, compared to RM2.18 billion for the same period last year.
The half-year revenue of YTL Power International Bhd climbed 10 per cent to RM9.4 billion, while the net profit increased 284 per cent to RM358 million.
Yeoh said the increased revenue for the current half-year under review was primarily driven by improved performance in the group's electricity production segment and stable results from its water and sewerage business.
YTL Hospitality REIT's revenue climbed 35 per cent to RM242.4 million for the half year under review, from RM179.9 million in the same period last year.
Net property income (NPI) climbed 10 per cent to RM124.4 million, up from RM113.5 million in the previous six months ended December 31, 2021.
Revenue available for distribution increased by 62 per cent to RM57.9 million, from RM35.7 million.
"In our hotels' segment, the performance of the Australian properties improved as a result of the reopening of Australia's international borders at the beginning of 2022 which revived the demand from corporate and leisure markets.
"As for our property rental segment, revenue and NPI from the Malaysian and Japanese properties approximated that of the same period last year," said Yeoh, who is also executive chairman of Pintar Projek Sdn Bhd, the manager of YTL Hospitality REIT.
Meanwhile, despite a 59 per cent increase in half-year revenue to RM1.76 billion, Malayan Cement Bhd's pre-tax profit was RM28.4 million, much lower than the RM47.1 million posted for the same time previous year.
According to Yeoh, income increased significantly as a result of the full consolidation of the new cement and ready-mixed concrete businesses purchased in September 2021.
"The increase in production costs, in particular coal and electricity, impacted profit for the half-year under review," he said.