YTL Power Records 9-Month Revenue of RM8.3 Billion (US$2.0 Billion) & Profit Before Tax of RM326 Million (US$76 Million)
Kuala Lumpur, Tuesday, 16 June 2020
YTL Power International Berhad registered revenue of RM8,345.6 million (US$1,954.5 mn) for the 9 months ended 31 March 2020, compared to RM8,618.4 million (US$2,018.4 mn) for the preceding corresponding period ended 31 March 2019, whilst profit before tax stood at RM325.8 million (US$76.3 mn) for the current period under review compared to RM487.1 million (US$114.1 mn) for the same period last year.
Tan Sri Dato' (Dr) Francis Yeoh Sock Ping, KBE, CBE, FICE, Executive Chairman of YTL Power, said, ''Our Group's utilities businesses are essential in nature and, therefore, have continued to operate throughout the current control period which has seen the implementation of various movement control orders and limited the operation of non-essential services in countries where we operate.
''The water and sewerage segment in the United Kingdom recorded higher revenue as differing weather conditions led to changes in supply volumes. However, the adverse weather conditions led to increased sewerage costs, impacting profit before tax. Businesses like Wessex Water, which build up a regulated asset base (RAB) that increases in value over time, have proven time and time again to be a valuable safeguard particularly during periods of uncertainty. Over the past 5 years, for example, we have seen the increase in Wessex Water's RAB value from RM15.11 billion (GBP2.75 billion) to RM17.79 billion (GBP3.35 billion). As we continue to invest further, the RAB value is expected to increase further to RM20.66 billion (GBP3.89 billion) by the end of the current regulatory pricing period in 2025.
''In our merchant multi-utilities business in Singapore, revenue remained marginally the same as the same period last year, while the segment's loss before tax narrowed due to higher retail and tank leasing margins and lower depreciation charges recorded in the current period. We are also working towards completion of our proposed acquisition of the Tuaspring power plant which is expected to contribute positively going forward.
''The telecommunications business recorded lower revenue and a higher loss before tax due to lower project revenues recorded. However, the segment continues to be EBITDA positive.''