YTL turns a loss in 4Q despite higher revenue base

by TMR

YTL Corp Bhd slipped to a net loss of RM43.36 million for its fourth quarter ended June 30 this year (4Q18) on losses from the management services, hotels and property divisions. This is opposed to the RM229.33 million net profit it booked in 4Q17. Group turnover for the period was up 6.4% year-on-year (YoY) at RM4.15 billion on higher construction revenue generated.
 
The management services business operated at a net loss of RM104.83 million for the quarter due to the absence of a one-off loan restructuring gain coupled with higher finance costs and fair value losses incurred. Its property business was hit by lower progress billings and project completion while the hotels business saw lower contributions from assets and higher expenses.
 
For fiscal year 2018, group revenue was up 7.7% YoY at RM15.86 billion while net profit was down 55.5% YOY at RM361.88 million. The company declared a four sen dividend for the quarter payable on Nov 13.