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YTL Power Registers 9-Month Revenue of RM7.2 Billion (US$1.7 Billion) & Profit of RM531 Million (US$123 Million)

Kuala Lumpur, Thursday 25 May 2017

YTL Power International Berhad recorded revenue of RM7,191.8 million (US$1,664.8 mn) for the 9 months ended 31 March 2017 compared to RM8,078.8 million (US$1,870.1 mn) for previous corresponding the 9 months ended 31 March 2016, whilst profit for the period decreased to RM531.1 million (US$122.9 mn) this year, compared to RM685.6 million (US$158.7 mn) for the same period last year.

The decrease was due mainly to the absence of the one-off gain from an arbitration award recorded in the same period last year on the recovery of impairment of receivables before tax of RM152.6 million and interest income of RM38.0 million in the contracted power generation segment.

Adjusting for the one-off gain, profit before taxation would have been RM680.7 million for the preceding 9 months ended 31 March 2016, compared to profit before tax of RM644.3 million for the current year to date, a decrease of 5.3%. This was mainly due to the strengthening of the Malaysian Ringgit against the British Pound affecting the water and sewerage division and lower interest income in the investment holding activities segment. Meanwhile, the launch of nationwide 4G LTE services in the mobile broadband division has resulted in an increase in revenue and lower losses recorded in the segment.

YTL Power completed the increase in its equity interest in Attarat Power Company, a 554 megawatt oil shale fired power generation project in Jordan, to 45% (from 30% previously) upon the project achieving financial close on 16 March 2017. The project has a 30-year power purchase agreement with the National Electric Power Company (NEPCO), the state-owned utility, for the plant’s entire electrical capacity, with an option for NEPCO to extend the power purchase agreement to 40 years.

In subsequent developments, on 20 April 2017, the Energy Commission (EC) issued a revised Letter of Award to YTL Power Generation Sdn Bhd (YTLPG), a wholly-owned subsidiary of YTL Power, accepting YTLPG's bid for the supply of 585 megawatts of capacity from its existing facility in Paka for a term of 3 years 10 months (an additional 12 months from the original award of 2 years 10 months), commencing from the commercial operation date of the project, scheduled to occur on 1 September 2017. Pursuant to the Letter of Award, YTLPG and Tenaga Nasional Berhad entered into a Power Purchase Agreement (PPA) and a Land Lease Agreement both dated 9 May 2017. The Land Lease Agreement is for a term of 5 years 10 months from the commercial operation date. On 22 May 2017, YTLPG and Petronas entered into a Gas Supply Agreement (GSA) for the supply of natural gas to the power station. The PPA and GSA are both subject to certain conditions precedent, including obtaining the necessary corporate authorisations and the approval of the EC to the terms of the PPA and GSA.

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