Tenaga posts RM2.8b quarterly net profit
KUALA LUMPUR, April 12 — Malaysia's national power producer Tenaga Nasional Bhd today reported a second quarter net profit of RM2.8 billion due to the RM2.2 billion fuel cost compensation from the government and state oil firm Petronas
The largest foreign currency borrower among listed firms in Malaysia, Tenaga had remained in the red for the past three consecutive quarterly, hit by purchases of expensive fuel oils to counter a gas shortage.
Tenaga said in a filing to the local bourse it expected to record a better performance this financial year mainly due to the improvement in gas volume, implementation of fuel cost sharing mechanism and higher coal plant availability.
The counter closed 2.2 per cent higher prior to the announcement, outperforming the Malaysia's benchmark stock index that increased 0.26 per cent. — Reuters