KUALA LUMPUR (Feb 20): YTL Power International Bhd (KL:YTLPOWR) has reported a 9.16% fall in net profit to RM767.69 million for its second financial quarter ended Dec 31, 2024 (2QFY2025), from RM845.12 million a year earlier, mainly due to lower contributions from its power generation division.

The company owns YTL PowerSeraya Pte Ltd, which operates power plants in Singapore with a licensed generating capacity of 3,100MW. PowerSeraya also runs Geneco, an electricity retailing business in the city-state.

The power generation segment’s profit before taxation dropped 29.4% year-on-year to RM729.82 million, impacted by lower pool and retail prices, as well as the strengthening of the ringgit against the Singapore dollar. This is on the back of a 12.6% drop in revenue to RM3.28 billion.

YTL Power’s revenue was, however, higher by 5.7% to RM5.68 billion from RM5.37 billion in 2QFY2024, largely driven by its water and sewerage segment, which benefitted from contributions by its 53.19%-owned Ranhill Utilities Bhd (KL:RANHILL).

YTL Power, which recently announced a bonus issue of warrants to raise multiple billion ringgit in fresh capital over three years, did not declare any dividend for the quarter.

For the first six months of FY2025, YTL Power’s net profit dropped 26.84% to RM1.24 billion from RM1.69 billion in the previous July-December period, even as revenue rose 5.03% to RM11.36 billion from RM10.82 billion.

Meanwhile, YTL Corp Bhd (KL:YTL) saw a 1.56% fall in its net profit for 2QFY2025 to RM580.01 million, from RM589.22 million a year earlier, amid lower earnings contribution from its utilities business, represented by its 48.45% stake in YTL Power.

This was despite a 7.02% year-on-year increase in revenue to RM8.06 billion from RM7.53 billion, driven by property investment, development, management services and others business segments.

YTL Corp is involved in construction, cement and building materials industry, property investment and development, management services and others, hotels and utilities.

For the first six months of FY2025, YTL Corp's net profit declined 17.75% to RM913.72 million from RM1.11 billion in the previous corresponding period despite a 5.19% increase in revenue to RM15.83 billion from RM15.05 billion.

Looking ahead, both YTL Corp and YTL Power expect their business performance to remain resilient due to the essential nature of their operations, and “will continue to closely monitor the related risks and impact on all business segments”.

At Thursday’s closing bell, shares of YTL Corp rose three sen or 1.5% to RM2.03, giving the group a market capitalisation of RM22.1 billion. YTL Power’s share price closed unchanged at RM3.33, valuing the company at RM27.36 billion.