KUALA LUMPUR: Tenaga Nasional Bhd’s (TNB) pre-tax profit for the third quarter (Q3) ended May 31, 2016, rose to RM2.53 billion from RM734.90 million in the same quarter last year.
Revenue increased to RM12.13 billion from RM9.90 billion previously, the company said in a filing with Bursa Malaysia here today.
TNB said the higher revenue was mainly due to the recognition of the over recoverability of the Imbalance Cost Pass-Through (ICPT) tariff rebate during the corresponding quarter amounting to RM1.82 billion as compared with RM537.6 million recognised previously.
“Another main factor was the increase in the group’s sales of electricity by RM798.4 million, or 7.4 per cent.
“The increase in the group’s sales of electricity was mainly from sales of electricity in Peninsular Malaysia, which recorded an increase of 7.6 per cent, with a corresponding growth of 6.2 per cent,” it said.
It said the impact of the recognition of ICPT and higher sales of electricity during the current quarter had resulted in a higher profit attributable to the owners of the company by RM1.52 billion.
Moving forward, TNB said, its board of directors took note of Bank Negara Malaysia’s Monetary Policy Statement (dated July 13, 2016) which recognised that while the domestic economy remained on track to expand in 2016 and 2017, the uncertainties in the global environment could weigh on Malaysia’s growth prospects.
“Given the said prevailing challenging global economic environment, the board remains cautious on the group’s prospect for the financial year 2016.”
