Highlight Tenaga Nasional posted RM1.71 billion net profit 3Q

by **Cals** Thu 17 Jul 2014, 04:53

Highlight Tenaga Nasional posted RM1.71 billion net profit 3Q

Business & Markets 2014

Written by Charlotte Chong of theedgemalaysia.com

Wednesday, 16 July 2014 18:27

KUALA LUMPUR (July 16): Tenaga Nasional Bhd announced that its net profit dropped marginally to RM1.71 billion, for third financial quarter ended May 31, down 0.52% from RM1.72 billion in the previous corresponding period.

However, the utility group’s revenue came in higher at RM11.51 billion — an increase of 19.31% from RM9.65 billion a year ago. Earnings per share dropped slightly to 30.31 sen, from 31.05 sen.

In an announcement to Bursa Malaysia today, Tenaga said that the quarter recorded sales of electricity of RM10.61 billion, against RM8.88 billion in the previous corresponding quarter.

“The increase was mainly from sales of electricity in the Peninsula and Sabah, which recorded an increase of 19.1% and 19.4% respectively, attributed from the increase in the average electricity tariff.”

As for its nine months ended May 31, Tenaga has posted net profit of RM5.12 billion — a 15.15% growth from RM4.44 billion a year ago. Revenue expanded 12.6% to RM31.1 billion, from RM27.63 billion.

Tenaga attributed the increase in net profit to the effect of extraordinary taxation credits, amounting to RM1.26 billion, arising from reduction in tax rate and utilisation of the reinvestment allowance, for year assessment 2013 and the current year.

However, Tenaga explained that the group’s operating profit dropped 0.8%, from RM4.97 billion to RM4.93 billion, mainly due to higher operating expenses incurred during the period.

Tenaga share price hit a record high of RM12.54 last Friday, after it has staged a rebound in mid-June. The stock has climbed from RM11.66 on June 12 to close at RM12.46, with 12.36 million shares changing hands today.