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YTL Hospitality REIT records slightly higher earnings in FY22

admin2022-08-0524

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KUALA LUMPUR: YTL Hospitality REIT’s net profit rose slightly to RM83.87 million in the financial year ended June 30, 2022 (FY2022) from RM82.83 million a year earlier.

In a filing to Bursa Malaysia today, it said the higher earnings for the year were driven by several factors including an improved performance by the hotel segment and higher foreign currency translation gain of RM12.83 million on borrowing denominated in foreign currencies.

Meanwhile, revenue for the financial year also increased to RM363.86 million from RM326.28 million in FY2021.

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Moving forward, the group said it will continuously take steps to proactively manage the business and take the necessary actions to ensure that its long-term business prospects remained stable.

"Notwithstanding the short-term challenges, the REIT manager remains confident of the long-term prospects of the hospitality sector,” it added. - Bernama


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