TNB Recorded 7.3% Lower Profit after Tax

28/07/2017

9 months ended 31st May 2017 (9MFY2017)

• 7.3% reduction in Profit After Tax due to Increased Finance Cost and Taxation
• Sustained capital expenditure “capex” reinvestment of RM7.54 billion towards meeting the energy needs of the nation

Kuala Lumpur, 27 th July 2017 – Tenaga Nasional Berhad (TNB) today announced a Group Profit After Tax (PAT) of RM5.18 billion for the nine months of Financial Year 2017 (9MFY2017), as compared to RM5.58 billion reported in the corresponding period last year. The 7.3% reduction in the Group profit was mainly due to increased finance cost and taxation for the period under review.

The higher finance cost was mainly due to first time recognition of interest on Power Purchase Agreement (PPA) Saving Fund of approximately RM0.15 billion. To recap, PPA Saving Fund is the fund set-up by the Government in 2013 to accumulate savings from the Renegotiation of PPAs with the First Generation Independent Power Producers (IPP). TNB is currently the temporary custodian of this fund, until the amount is being reverted to the government.

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