Better Q4 Performance From Higher Demand and Stronger RinggitPrint this page
Date: 29 October 2010
Tenaga Nasional Berhad (TNB) announced a net profit before forex translation loss of RM423.9 million for the 4th Quarter of the financial year ended 31 August 2010 (FY2010), compared to RM538.0 million reported for the 3rd Quarter.
For the full year FY2010, the Group reported total revenue of RM30.32 billion and a net profit before forex translation gain of RM2.6 billion, reflecting an improvement of 22.6% as compared to the RM2.1 billion reported in FY2009. Net profit after forex translation gain was reported at RM3.2 billion. The higher profit was mainly attributed to stronger demand growth and the lower average coal prices incurred of USD88.2/mt (FY2009: USD90.2/mt).
Summary of Highlights
3-months ended 31 August 2010 (4th Quarter FY2010)
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Net profit before forex translation loss of RM423.9 million
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1.9% increase in Group Revenue compared to 3rd Quarter FY2010 against a 4.7%
increase in Operating Expenses -
EBITDA margin at 22.9% compared to 23.3% for 3rd Quarter FY2010
Full year FY2010
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Group revenue of RM30.32 billion
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Net profit of RM3.2 billion
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Net profit before forex translation gain of RM2.6 billion
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5.3% increase in Group Revenue against a 4.2% increase in Operating Expenses
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Unit electricity demand growth
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8.4% - Group
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8.8% - Peninsula
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Average coal price USD88.2/mt compared to USD90.2/mt for FY2009
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EBITDA margin at 26.8% compared to 25.2% in the previous year
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Final gross dividend of 20.0 sen per ordinary share
FY2010 saw the overall Malaysian economy turning around and recovering from the impact of the global crisis in FY2009. Electricity demand growth in Peninsula for the 4th Quarter FY2010 reported an increase of 5.9% Y-O-Y and 2.3% Q-O-Q, as the electricity demand growth slowed down in the second half of year 2010. For the financial year 2010, electricity demand in Peninsula recorded a growth of 8.8%, driven by the economic recovery and the lower base effect recorded in the previous financial year.
On a Q-O-Q basis, the 4th Quarter FY2010 reported a 1.9% increase in the Group’s total revenue. Operating expenses increased by 4.7% mainly due to higher repair and maintenance costs as well as depreciation costs. This has resulted in a decline in EBITDA margin from 23.3% in the 3rd Quarter to 22.9% in the 4th Quarter FY2010.
For the full year FY2010, the Group reported a 5.3% increase in total revenue, primarily from the stronger demand growth. Operating expenses increased by 4.2% as a result of higher generation costs attributed to rising demand and full year capacity payments to Jimah Energy Ventures Sdn. Bhd.
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