Malakoff quarterly net profit doubles

Its revenue for the quarter fell 17% to RM1.51bil compared to RM1.81bil in the corresponding period a year ago due to lower energy payment recorded from Tanjung Bin Power (pic) Sdn Bhd and Segari Energy Ventures Sdn Bhd following the decline in applicable coal price and lower despatch factor respectively.

KUALA LUMPUR: Malakoff Corp Bhd’s (Malakoff) net profit jumped 101% to RM104.95mil in the second quarter ended June 30 from RM52.25mil a year ago mainly driven by higher contribution from its newly acquired subsidiary, Alam Flora Sdn Bhd as well as Tanjung Bin Energy Sdn Bhd (TBE).

The higher contribution from TBE resulted from the shorter duration of plant outage and settlement agreement with Alstom Power Systems and GE Power Services (M) Sdn Bhd.