TNB 2Q16 net profit down 38%

As at Nov 30, 2012, TNB had RM4.71bil yen-denominated loans, accounting for about 21% of its total outstanding loans of RM22.4bil

KUALA LUMPUR: Tenaga Nasional Bhd’s second quarter ended Feb 29, 2016 earnings fell 38.7% to RM1.32bil from RM2.156bil it posted in the same quarter a year ago, due to higher operating expenses.

Revenue for the second quarter was slightly lower at RM10.489bil from RM10.61bil a year ago, mainly due to the recognition of the over recoverability of imbalance cost pass through (ICPT) during the quarter. 

TNB said in its filing with Bursa Malaysia on Wednesday that the over recoverability of ICPT offset the 4.6% increase in group sales of electricity, which was mainly from Peninsula Malaysia.

“The increase in Group’s sales of electricity was mainly from sales of electricity in the Peninsula which recorded an increase of 4.7%, with a corresponding growth in units of 4%,” it said.

At market close today, TNB shares were unchanged at RM14.40 with 11.2 million shares done.