TNB slips into the red on forex losses

DESPITE achieving higher operating profits, Tenaga Nasional Bhd (TNB) has slipped into the red on a net basis for its fiscal first quarter owing to foreign exchange translation losses arising mainly from the ringgit's weakness against the yen and other currencies in which much of the company's debt is denominated.  

The company is, however, upbeat about the rest of the year, forecasting that demand for electricity in the months ahead would exceed that seen in the first quarter.