Without Govt compensation TNB will continue to post losses, says CEO

KUALA LUMPUR: Tenaga Nasional Bhd (TNB) will continue to record losses in the first quarter of its financial year ending Aug 31, 2012 and its cashflow impacted, unless it receives Government compensation in the three-party cost-sharing scheme it had previously agreed with the Government and Petroliam Nasional Bhd (Petronas). Prior that, TNB was able to cover those additional costs via subsidised gas.

The company posted a net loss of RM453.9mil for the fourth quarter ended Aug 31 due to higher fuel costs its second consecutive quarter of losses.