YTL Power International posts RM143m net loss in FY21

by BERNAMA / pic credit: ANNUAL REPORT

YTL Power International Bhd recorded a net loss of RM143.07 million for the financial year ended June 30, 2021 (FY21), against a net profit of RM67.64 million posted in the previous year.

Revenue increased marginally to RM10.78 billion from RM 10.64 billion previously.

In a filing to Bursa Malaysia yesterday, YTL Power International said its net loss for the fourth quarter of 2021 widened to RM486.7 million from RM140.78 million in the same period last year despite revenue climbing to RM3.03 billion during the quarter from RM2.29 billion previously.

It said the increase in revenue compared to the preceding quarter was primarily attributable to the better performance in the multi-utility business (merchant) and water and sewerage segments.

“The loss after taxation in the current quarter was due to the recognition of deferred tax expenses arising from the increase in the UK corporation tax rate from 19% to 25% due to taking effect from April 1, 2023,” it said.

On prospect, YTL Power International said its businesses have largely not been affected and continued to operate throughout the current control period due to the nature of the utility business as essential services.

“The group expects the performance of its business segments to remain resilient due to the essential nature of its operations and will continue to closely monitor the related risks and impact on all business segments,” it added.

It has also declared a second interim dividend of 2.5 sen per ordinary share for FY21 which would be paid out on Oct 12, 2021.

At close yesterday, YTL Power International share price fell 0.5 sen to 71.5 sen per share with 1.25 million shares changed hands.