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KUALA LUMPUR: Tenaga Nasional Bhd
(TNB) for the third quarter ended September 30, 2020 reached RM1.01bil, a 16.07% drop from RM1.2bil in the corresponding previous quarter due to higher financial cost, which was cushioned by foreign exchange gains and a non-fair value cash gain.
Revenues for the quarter were 12.1% lower year-on-year at RM11.11bil.
Operating profit fell 18.5% in the quarter to RM1.86bil.
During the three quarters to September 30, TNB posted revenue of RM33.65 billion, which was 13.19% lower than RM38.75 billion in the same period last year due to the position excessive recovery of the imbalance cost pass-through and lower electricity sales due. to the impact of Covid-19.
The net gain was 38.57% lower at RM2.38bil compared to RM3.88bil in the comparative period.
According to TNB, finance income was negatively affected by lower interest rates, while finance costs increased due to finance cost expense on profit and loss from the newly commissioned plant, Jimah East Power.
“Amid the challenging environment, the Board of Directors anticipates a gradual recovery in the Group’s performance for the remaining quarter of the financial year ending December 31, 2020, supported by the timely implementation of the Government’s stimulus packages, specifically the Bantuan Prihatin Rakyat and a sustained boost in business activities.
“The Group has taken prudent steps in terms of its operational and financial requirements to ensure that it remains resilient,” TNB said.
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