By Yantoultra Ngui
KUALA LUMPUR, Malaysia--National electricity utility Tenaga Nasional Bhd. (5347.KU) said its net profit in the second quarter dropped 9.8% on year, mainly due to higher finance costs and foreign exchange losses.
Net profit during the April-June period declined to 1.12 billion ringgit ($266 million) from MYR1.24 billion net profit in the same period a year earlier, the company said in a filing on the local stock exchange on Friday.
The net profit missed the consensus estimate of MYR2.06 billion compiled by FactSet.
Revenue during the quarter was MYR12.88 billion, versus MYR12.5 billion in the same quarter last year. This was also lower than the consensus estimate of MYR12.96 billion revenue compiled by FactSet.
Despite the drop in net profit, Tenaga said its performance in 2019 is expected to remain stable.
Shares of Tenaga ended midday break up 0.6% at MYR13.88.
Write to Yantoultra Ngui at firstname.lastname@example.org