Business

Tenaga’s profit down despite higher sales

The national electricity company is recommending dividend of 10 cents per share for the second quarter of this year.

The national electricity company is recommending dividend of 10 cents per share for the second quarter of this year.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — April 27, 2016: Tenaga Nasional recorded lower profit after tax of RM3.296 billion for the first six months ended February 29 against RM4.51 billion previously mainly due to the recognition of the over recoverability of imbalance cost pass through (ICPT).

This despite the company recording a 4.2 per cent increase in electricity sales from RM21.33 billion to RM22.23 billion during the period.

“The improvement was mainly from sales of electricity in Peninsula Malaysia, which recorded an increase of RM845.5 million or 4.2 per cent, with a growth in units sold of 3.6 per cent compared to the last corresponding period,” Tenaga disclosed to Bursa Malaysia today.

For the second quarter, revenue was reduced by RM120.7 million or 1.1 per cent from RM10.61 billion to RM10.49 billion also mainly due to the recognition of the over recoverability of ICPT. Tenaga has recommended a dividend of 10 sent per share for the second quarter.

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