Malakoff's 3Q net profit rises to RM67.16mil

KUALA LUMPUR: Malakoff Corporation Bhd’s net profit increased to RM67.16 million in the third quarter ended Sept 30, 2021 (Q3 FY2021) from RM50.8 million in the same period last year on the back of higher revenue.

Revenue rose 6.8 per cent to RM1.58 billion from RM1.48 billion previously, it said in a filing with Bursa Malaysia.

The company said the rises in revenue were primarily due to higher energy payments recorded from Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) on the back of higher applicable coal price (ACP).

"However, these were partially offset by lower energy payments recorded from gas plants, namely Segari Energy Ventures Sdn Bhd (SEV), GB3 Sdn Bhd (GB3) and Prai Power Sdn Bhd (PPSB), given the decrease in despatch factor,” it said.

On prospects, it said Budget 2022 reaffirms the government’s commitment to strengthen the planned sustainability agenda.

"These developments augur well for the group’s renewable energy and environmental services focus areas under its overall strategic growth plan,” it added. - Bernama

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