TNB seen writing back RM1bil

PETALING JAYA: Tenaga Nasional Bhd (TNB) could write back some RM1bil early next year, or half of the RM2.1bil it incurred as additional fuel costs in the financial year ended Aug 31, 2011, AmResearch said.

“We have fine-tuned TNB's forecast FY12-FY13 earnings due to slightly lower interest expenses. Our forecast FY12 assumes a write-back of half of the group's RM2.1bil additional fuel costs from distillate and oil due to natural gas shortages,” AmResearch analyst Alex Goh said in a client note.