Tanjung Bin Energy Power Plant
KUALA LUMPUR: Malakoff Corp Bhd reported a net loss of RM109.42 million in the third quarter ended Sept 30, 2023 (3Q FY2023) compared to a net profit of RM66.54 million a year ago, primarily due to fuel margin.
The company incurred a substantial negative fuel margin of RM149.4 million and RM33.0 million for Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) coal plants, respectively.
In a filing with Bursa Malaysia, the energy generation and environmental solutions company said its revenue fell 32.2 per cent to RM2.15 billion from RM3.18 billion recorded in the corresponding quarter a year ago.
"The declining revenue performance was primarily due to lower energy payment recorded from TBP and TBE, impacted by a decline in applicable coal price (ACP) as well as an absence of revenue contribution from GB3 Sdn Bhd following the expiry of the power purchase agreement (PPA),” it said.
For the nine-month period ended Sept 30, 2023 (9M FY2023), Malakoff registered a net loss of RM527.24 million from a net profit of RM213.16 million previously.
Revenue eased to RM6.80 billion compared to RM7.38 billion previously, dragged down by lower energy payments recorded from the TBP coal plant.
On prospects, Malakoff said the group expects a negative overall performance for FY2023 taking into consideration impacts from global coal prices.
"Nonetheless, the group will continue to optimise its plant operational efficiencies to cushion the adverse impact,” it said. - Bernama
