KUALA LUMPUR – Tenaga Nasional Bhd’s (TNB) net profit for the third quarter (Q3) ended September 30 fell to RM1 billion from RM1.20 billion in the same quarter last year.
Revenue declined 12.1% to RM11.10 billion from RM12.64 billion previously, it said in a filing with Bursa Malaysia today.
For the nine months ended September 30, TNB recorded a net profit of RM2.38 billion on the back of a turnover of RM33.65 billion, compared with a net profit of RM3.88 billion on a turnover of RM38.76 billion previously.
It said revenue for the period decreased by 13.2%, mainly due to the over-recovery position of the Imbalance Cost Pass-Through of RM1.47 billion compared with an under-recovery position of RM1.99 billion posted during the last corresponding period, and a 6.5% decline in sales of electricity.
“This was largely due to a decline in commercial and industrial customer segments affected by the Covid-19 outbreak.
“Consequently, operating profit fell 13.9% to RM5.90 billion from RM6.85 billion,” it said.
On prospects, TNB said it foresees a gradual recovery in the group’s performance for the remaining quarter of the financial year ending December 31 amid the challenging environment.
“This was underpinned by the timely rollout of the government’s stimulus packages, specifically the Bantuan Prihatin Rakyat and sustained momentum of business activities.
“The group has taken prudent measures in terms of operational and financial requirements to ensure it remains resilient,” said TNB. – Bernama, November 26, 2020
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