KUALA LUMPUR — July 28, 2016: Tenaga Nasional (TNB) pre-tax profit for the third quarter (Q3) ended last May 31 rose to RM2.53 billion from RM734.90 million in the same quarter last year.
Revenue increased to RM12.13 billion from RM9.90 billion, the company said in a filing to Bursa Malaysia today.
The higher revenue was mainly due to the recognition of the over recoverability of the Imbalance Cost Pass-Through (ICPT) tariff rebate during the corresponding quarter amounting to RM1.82 billion, compared to RM537.6 million recognised previously.
Another main factor was the increase in the group’s sales of electricity by RM798.4 million or 7.4 per cent.
The increase in the group’s sales of electricity was mainly from sales of electricity in Peninsula Malaysia, which recorded an increase of 7.6 per cent, with a corresponding growth of 6.2 per cent.
Tenaga said the impact of the recognition of ICPT and higher sales of electricity had resulted in a higher profit
attributable to the owners of the company by RM1.52 billion.
Moving forward, TNB said its board of directors took note of Bank Negara Malaysia’s monetary policy statement on July 13 which recognised that while the domestic economy remained on track to expand in 2016 and 2017, the
uncertainties in the global environment could weigh on Malaysia’s growth prospects.
Given this challenge, the board remains cautious on the group’s prospect for the financial year 2016, it said. — Bernama