PETALING JAYA: Reduced energy payments had affected Malakoff Corp Bhd
’s top line for the second quarter ended June 30 (2Q25).
The group said lower revenue in its latest quarter was mainly due to lower energy payments recorded from Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd, in line with the decline in the applicable coal prices (ACP).
“Lower energy payment was also recorded from Segari Energy Ventures Sdn Bhd, a gas power plant in Lumut, Perak.
“This was mainly due to the decrease in the despatch factor, which resulted in the plant’s lower contribution to the grid,” the company said in a statement.
On a year-on-year (y-o-y) basis, net profit was lower at RM62.8mil in 2Q25 from RM93.6mil in 2Q24, in line with lower revenues y-o-y to RM2.02bil from RM2.31bil in the same quarter a year ago.
Malakoff said it was impacted by the decline in ACP, in addition to the absence of a one-off compensation gain from a compulsory land acquisition that was recorded in 2Q24.
“Net profit for the quarter was further moderated by the reversal of the net realisable value provision for coal inventories, supported by the expectation of stronger coal price trends and an anticipated gradual recovery in global coal demand throughout this year,” it said.
“We continue to operate profitably, concentrating on the group’s operational efficiency amid a challenging sectoral and operating environment. The work on financial resilience is in tandem with the group’s current expansion.
“Our focus on growing the business with emphasis on our strategic pillars of green solutions, environmental solutions and energy is expected to create long-term value complementing our sustainable growth initiatives,” managing director and group chief executive officer Anwar Syahrin Abdul Ajib said in a statement.
