KUALA LUMPUR: YTL Power International Bhd’s net profit slumped 48.6% to RM519.64 million in the third quarter ended March 31 (Q3 FY2023) from RM1.01 billion in the same period a year ago.
The lower earnings were mainly due to the absence of a net gain on the disposal of the investment in Australia’s ElectraNet Pty Ltd and lower revenue in other segments.
Revenue, however, rose 15.3% to RM5.36 billion from RM4.65 billion previously, the company said in a filing with Bursa Malaysia today.
YTL Power has declared a second interim dividend of 2.5 sen per share for financial year 2023, to be paid on June 28.
Revenue from investment holding activities surged 94.4% to RM132.51 million from RM67.98 million on higher interest income, while the power generation segment posted a 19.3% increase in revenue to RM4.12 billion from RM3.45 billion due to higher retail prices.
For the cumulative nine months (M9 FY2023), net profit fell 16.22% to RM891.74 million from RM1.06 billion despite revenue growing by 11.58% to RM14.8 billion from RM13.27 billion.
Following the government’s recent announcement on lifting the export ban on renewable energy, YTL Power said its wholly-owned unit YTL PowerSeraya is well positioned to participate in the green energy import market to meet rising demand in Singapore.
It also intends to develop a large portion of the Kulai Young Estate in Johor into a large-scale solar power facility with a generation capacity of up to 500MW to power a green data centre park.
On prospects, the group expects the performance of its business segments to remain resilient due to the essential nature of its operations.
At the close today, its share price was down two sen or 1.71% at RM1.15, giving the group a market capitalisation of RM9.38 billion.
