Tuesday, 31 July 2018

(NST) YTL REIT returns to profitability in FY18

KUALA LUMPUR: YTL Hospitality Real Estate Investment Trust (YTL REIT) returned to the black in the financial year ended June 30, 2018, (FY18) with a net profit of RM236.56 million compared with a loss of RM12.12 million in the preceding year.

In a filing with Bursa Malaysia, the company attributed the surge in profit to unrealised foreign currency translation gain on Australian dollar-denominated term loan of RM107.27 million, a gain on fair value of properties of RM58.23 million and additional net property income of RM22.73 million, mainly contributed by its Malaysian properties.

Revenue, meanwhile, rose 11.4 per cent to RM500.95 million against RM449.68 million previously.

YTL REIT said its Australian properties contributed 71.84 per cent of total revenue or RM359.92 million while Malaysian properties accounted for 24.89 per cent or RM124.70 million.

The increase in revenue was also due to cost saving initiatives, it added.