TNB Gears up for Higher Performance Standards
23/01/2014
Kuala Lumpur, 23 January 2014 - Tenaga Nasional Berhad (TNB) today announced a growth in Group Revenue of 5.0% for the 1st Quarter of the Financial Year ending 31st August 2014 (FY2014).
The Group reported a lower Operating Profit of RM1.52 billion as compared to RM1.76 billion representing a decline of 13.4%. This is partly attributed to higher generation costs from burning the more expensive Liquefied Natural Gas (LNG), and when necessary oil and distillate. In addition, TNB’s share of these expensive fuel costs has increased from 33% to 50%. This has resulted in lower EBITDA margin of 28.0% as compared to 31.0% in the last corresponding period.
The financial performance remains stable with the Group’s revenue for the current quarter was registered at RM9,585.4million as compared to RM9,130.8 million recorded in the corresponding period of FY2013. Electricity demand growth in Peninsular Malaysia for the quarter under review has slightly moderated due to festive seasons. However, this is expected to improve in the coming quarters in line with the improved Gross Domestic Product (GDP) forecast for 2014. Correspondingly, operating expenses increased by 8.9% as compared to the same period previous year.
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