Positive Underlying Earnings Growth After Adjusting For Fuel Cost Compensation
Kuala Lumpur, 31 October 2012 - Tenaga Nasional Berhad (TNB) today announced a net profit of RM1.0 billion for the 4th Quarter of the financial year ended 31 August 2012 (FY2012).
For the full year FY2012, the Group’s reported net profit improved over FY2011 mainly attributed to fuel cost compensation recognised in the current financial year. However, after adjusting to reflect this fuel cost compensation into the respective financial years, the Group recorded a net profit of RM2.94 billion in financial year 2012 as compared to RM2.19 billion recorded in financial year 2011, reflecting an improvement of 34.2%.
3 months ended 31st August FY2012 (4th Quarter)
- Net profit of RM1.0 billion (3rd Quarter FY2012 : RM0.6 billion)
- 1.6% increase in Group revenue from 3rd Quarter FY2012
- Average coal price of USD92.2/mt (3rd Quarter FY2012 : USD104.3/mt)
- Strengthening of RM against USD and Yen by 1.6% and 1.3% respectively
Full Year FY2012 (after adjusting for Fuel Cost Compensation)
- Net profit of RM2.9 billion (FY2011: RM2.2 billion)
- 11.2% increase in Group revenue against 7.7% increase in operating expenses
- EBITDA margin at 25.1% (FY2011 : 23.3%)
- 4.3% unit electricity demand growth in Peninsular Malaysia
- Average coal price of USD103.6/mt (FY2011 :USD106.9mt)
Commenting on the Group’s performance during the year, TNB’s Chairman Y.Bhg. Tan Sri Leo Moggie said that “the higher fuel cost incurred by the Company resulting from the higher usage of oil and distillate was addressed with the implementation of the Fuel Cost Sharing Mechanism. This indicates the strong support by the Government in ensuring the sustainability of the Company and hence reliability of electricity supply”.
TNB’s President/Chief Executive Officer, Y.Bhg Datuk Wira Ir. Azman Mohd added that “the Fuel Cost Sharing Mechanism is only an interim measure to address the current issue. TNB is continuously engaging with the Government and respective agencies on long-term sustainable solution in ensuring reliability and security of electricity supply”.
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