TNB posts 3Q net profit of RM1.01bil

KUALA LUMPUR: Tenaga Nasional Bhd's (TNB) net profit for the third quarter ended Sept 30, 2020 came to RM1.01bil, a 16.07% drop from RM1.2bil in the previous corresponding quarter due to higher finance cost, which was cushioned by forex gain and a non-cash fair value gain.

Revenue for the quarter was 12.1% lower year-on-year at RM11.11bil.

Operating profit fell 18.5% in the quarter to RM1.86bil.

Over the three quarters to Sept 30, TNB posted revenue of RM33.65bil, which was 13.19% lower from RM38.75bil in the same period last year due to the over-recovery position of the Imbalance Cost Pass-Through and lower electricity sales due to the Covid-19 impact.

Net profit was 38.57% lower at RM2.38bil as compared to RM3.88bil in the comparative period.

According to TNB, finance income was negatively impacted from lower interest rates while finance cost increased due to the expensing of finance cost to the profit and loss for the newly commissioned plant, Jimah East Power.

"Amid the challenging environment, the Board of Directors foresees a prospect of a gradual recovery on the Group’s performance for the remaining quarter of the financial year ending 31st December 2020, underpinned by the timely rollout of Government’s stimulus packages specifically the Bantuan Prihatin Rakyat and a sustained momentum of business activities.

"The Group has taken prudent measures in terms of its operational and financial requirements to ensure it remains resilient," said TNB.
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Tenaga Nasional , TNB , electricity


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