Tenaga posts RM2.81 bln net profit in Q2

KUALA LUMPUR: Tenaga Nasional Bhd recorded its first profit in three quarters, posting earnings of RM2.81 billion in the second quarter ended Feb 29, 2012.

The earnings were boosted by the RM2 billion in compensation from the Government and Petroliam Nasional Bhd (Petronas). Tenaga declared dividend of 5.09 sen per share compared with 4.50 sen a year ago.

For Q2, its net profit was 340% higher than the RM641.10 million recorded in the previous corresponding quarter. Revenue rose 17% to RM8.63 billion from RM7.37 billion a year ago. Earnings per share were 51.59 sen versus 11.60 sen.

For the first half, Tenaga's net profit rose 76.1% to RM2.59 billion from RM1.47 billion in the previous corresponding period. Its revenue rose 14.7% to RM17.32 billion from RM15.10 billion.

Elaborating on its financial performance, it said for Q2, its recorded total sales of electricity of RM8.33 billion compared with RM7.35 billion a year ago.

“Other operating income increased by more than 100% as compared to the previous quarter, due to the compensation received from the government and Petronas during the quarter under review,” it said.

At a press conference to announce its second quarter results, president and chief executive Datuk Seri Che Khalib said the RM2bil compensation was only meant to cover additional costs incurred to burn costly oil and distillates for the period of Jan to Oct last year.

The costs incurred from last Nov to Aug 2012 would continue to be shared equally between itself, Petronas and the Government, he added.

The agreement expires in Sep when Petronas' regasification plant is expected to have come on stream.

On the successors to the CEO and CFO position, Che Khalib said the new appointments would be announced in June and May, respectively