YTL Corp Records Full-Year Revenue of RM14.7 Billion (US$3.4 Billion)
Profit for the Period Stands at RM1.4 Billion (US$328 Million)
- Kuala Lumpur
YTL Group Managing Director Tan Sri Dato’ (Dr) Francis Yeoh Sock Ping, CBE, FICE, said, “The Group performed well for the 2017 financial year in view of the adverse conditions that have persisted in some of our main operating markets. Our utilities division saw a decrease in revenue and profit before taxation due mainly to the strengthening of the Ringgit against the British Pound in the water and sewerage division which operates in the UK, in addition to the absence of the one-off gain from the arbitration award recorded last year in our contracted power generation division.
“Our cement business registered lower revenue and profit before tax owing to lower demand for cement in the construction industry, competitive pricing and higher production costs, whilst our construction segment achieved an increase in revenue due to better site progress on its projects and an increase in profit before tax on the recognition of an arbitration award.
"The property investment and development segment saw higher revenue from better site progress on the Dahlia, U-Thant Place and Midfields 2 residential projects under development, whilst profit was impacted by a net fair value loss on investment properties recorded by Starhill Global REIT in Singapore. Meanwhile, our hotels segment benefited from better performances by the Group’s hotels in Hokkaido, Bath, Sabah and Kuala Lumpur, as well as a lower unrealised foreign exchange loss on intercompany balances resulting from the weakening of the Ringgit against the Japanese Yen.
“Our management services segment recorded decreases in revenue and profit due to lower contributions from operation and maintenance (O&M) activities in Malaysia, higher interest expenses and the absence of a one-off deferred tax credit recorded last year...