1st Quarter FY2005 - Highlights of ResultsPrint this page
Date: 26 January 2005
Tenaga Nasional Berhad (TNB) today announced a net profit of RM8.5 million for the 3 months ended 30 November 2004 (“1st Qtr FY 2005”) compared to a net loss of RM26.4 million for the corresponding period in FY2004.
The performance can be attributed to a 7.1% increase in revenue growth achieved by the Group against a lower increase in total operating expenses of 6.2%. The increase in operating expenses was mainly due to an increase in fuel cost as a result of higher coal prices. IPP purchase cost and fuel cost together account for 63.3% of operating expenses.
Income from sales of electricity grew by 6.9%, principally from continued strong growth achieved in Peninsular Malaysia and supported by the increase in export sales as well as a 34% increase in sales achieved by Liberty Power Ltd. in Pakistan.
Despite higher financing cost and a foreign exchange translation loss of RM438.8 million incurred in 1st Qtr FY2005 as a result of the strengthening of the Yen, Sterling and Euro against the US Dollar, the Group reported a net profit of RM8.5 million.
While the results for the first 3 months have been affected by higher coal prices as well as by foreign exchange translation losses, management expects this to be partially mitigated by continued electricity demand growth coupled with the initiatives embarked on to improve the operating efficiencies of the Group.
Issued On 26 January 2005