KUALA LUMPUR (Nov 26): YTL Corp Bhd's net profit slumped 87.8% to RM15.31 million in its first quarter ended Sept 30, 2019 (1QFY20), from RM125.79 million in the year-ago quarter, despite registering a 29.3% revenue growth to RM5.28 billion, from RM4.09 billion previously.

In its exchange filing today, YTL Corp said it recorded higher revenue across all its main operating business segments during the quarter under review.

However, its cement manufacturing and trading business segment, which now includes Malayan Cement Bhd, was loss-making due to higher finance costs.

Losses were also registered at its management services segment due to unrealised foreign exchange loss recorded by an offshore subsidiary, after partially offsetting the fair value gain on investments and accrued technical service income.

YTL Corp's property investment and development, meanwhile, saw a decline in profit due to the recognition of losses on sale of completed units and qualifying certificate extension fee incurred by YTL Westwood for the 3 Orchard By-The-Park project in Singapore.

Its utilities segment, too, was less profitable during the quarter, mainly due to the significant reduction in vesting contract level, loss on sales of fuel oil and absence of project revenue recorded by its multi-utilities and telecommunication business divisions, respectively.

YTL Corp said it expects the performance of most of its segments to remain satisfactory.

It specifically noted the challenging property market conditions both in Malaysia and Singapore, saying that the group will continue to embark on marketing efforts and initiatives to unlock sales, besides undertaking project launches.

Meanwhile, YTL Corp said its Tanjung Ati power project in Java, Indonesia, is currently in its development stage and progress is underway towards achieving financial close.

Construction has also commenced for the Attarat Power Company power generation project in Hashemite Kingdom of Jordan, with operations scheduled to commence in mid-2020, it said.

Shares in YTL Corp settled 3.5 sen lower at 85.5 sen today, valuing the group at RM9.42 billion.