Tenaga Nasional Q2 earnings up 24% to RM2.15b

KUALA LUMPUR: Tenaga Nasional Bhd’s earnings rose 24.3% to RM2.156bil in the second quarter ended Deb 28, 2015 from RM1.734bil a year ago, mainly due to the reduction in the costs of gas as more coal plants were utilised during the period.

The power giant announced on Monday its revenue increased to RM10.61bil – up 6.1% to RM9.996bil. Earnings per share were 38.21 sen compared with 30.72mil. Dividend was 10 sen a share.

Tenaga said it recorded sales of electricity of RM10.567bil from RM9.329bil mainly from sales of electricity in the Peninsular Malaysia and Sabah, which recorded an increase of 12.6% and 14.2% respectively, resulted from the increase in the average electricity tariff.

In the first half ended Feb 28, 2015, its earnings increased by 29.4% to RM4.508bil from RM3.484bil in the previous corresponding period. Turnover was RM21.637bil, up 10.5% from RM19.569bil.

“This was mainly due to the increase in total revenue of 10.6% as compared to a decrease in operating expenses of 1.7%,” it said.

Tenaga added the group results did not take into account the impact of over-recovery of costs under the ICPT mechanism amounting to approximately RM1.5bil (net of tax), subject to final confirmation.

Tenaga said it recorded a 15.9% or RM2.922bil improvement in sales of electricity from RM18.406bil to RM21.328bil. The improvement was mainly from sales of electricity in Peninsular Malaysia and Sabah, which each recorded an increase of 15.8% and 17.4% respectively. 

“This was the result of the increase in the average electricity tariff in the peninsula of 14.9% and Sabah of 16.9% effective Jan 1, 2014. Additionally, Peninsular Malaysia and Sabah both registered a growth of 2.8% and 2.3% respectively, as compared to the last corresponding period.