PETALING JAYA: Tenaga Nasional Bhd’s (TNB) net profit doubled to RM1.2 billion for the first quarter ended September 30, 2019 against RM501 million in the same quarter a year ago, due to lower operating expenses and fuel costs.
Revenue for the quarter, however, slipped 3.3% to RM12.64 billion from RM13.07 billion, on the back of the regulatory adjustments.
For the nine-month period, TNB’s net profit was down marginally by 0.5% to RM3.88 billion from RM3.86 billion, while revenue grew 2.4% to RM38.76 billion from RM37.85 billion.
The utility group told Bursa Malaysia that the return on regulated business under the Incentive Based Regulation framework which mainly consists of transmission and distribution businesses came in at RM2.39 billion.
The group’s performance is expected to remain stable for the current financial year as economic growth is projected to be within projections in 2019.
“This is underpinned mainly by private sector activity, particularly household spending.”
At 3.05pm, TNB’s share price was trading 18 sen higher at RM13.58 on 1.25 million shares done.
source https://www.thesundaily.my/business/tnb-s-q3-profit-doubles-on-lower-operating-expenses-fuel-costs-BE1666982
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