Tenaga Nasional posts RM619m net profit in Q3 (5347)

KUALA LUMPUR: Tenaga Nasional Bhd posted net profit of RM619.10mil in the third quarter ended May 31, 2012 compared with net loss of RM179.20mil a year ago.
The
power giant said on Thursday there was an alternate fuel cost
differential compensation of RM777.80mil in the just-ended quarter,
which offset the foreign exchange (forex) translation loss of
RM533.1mil. This was in contrast to a year ago where there was a forex
gain of RM60mil.
Tenaga said for Q3 ended May 31, 2012, its
revenue rose 15.1% to RM9.19bil from RM7.98bil. Earnings per share were
11.34 sen compared with a loss of 3.29 sen.
"The quarter
recorded a total sales of electricity of RM8.59bil against RM7.56bil
for the same period last financial year," it said.
The
improvement was mainly from sales of electricity in Peninsular Malaysia
and SESB which recorded an increase of 12.5% and 22.0% respectively.
"This
was mainly contributed by the increase in tariff in Peninsular Malaysia
of 7.1% and SESB of 14.7%. The units sold also registered a growth of
4.4% in Peninsular Malaysia and 3.7% in SESB as compared to the
corresponding period," it said.
However, the strengthening of
the yen and the US dollar against ringgit during the quarter under
review resulted in a translation loss of RM533.1mil in the third
quarter ended May 31, 2012 as compared to a gain of RM60.0mil a year
ago.
When compared with the second quarter, total sales of electricity rose 3.2% to RM8.59bil from RM8.33bil.
Tenaga
said its operating expenses were lower mainly due to the alternate fuel
cost differential compensation amounting to RM1.14bil -- consisting of
RM367.4mil received during the second quarter and RM777.8mil accrued
during the quarter under review.
For the nine-month period, its earnings jumped 144.6% to RM3.189bil from RM1.304bil in the previous corresponding period.
"The
increase is mainly due to the alternate fuel cost differential
compensation of RM2.823bil, which was recognised during the period," it
said. There was also a forex translation loss of RM323.80mil compared
with a gain of RM107.60mil.
Its revenue rose 14.8% to RM26.51bil
from RM23.08bil. This was mainly due to an increase in sales of
electricity in Peninsular Malaysia and the tariff increase of 7.1% on
June 1, 2011.
Electricity demand grew by 4.2% in Peninsula and 4.5% in SESB, it said.