By Chester Tay
Tenaga Nasional Bhd's first-quarter net profit fell 54% compared with the same period a year earlier due to foreign currency losses from the ringgit's weakness against the dollar and the Japanese yen.
Net profit declined to 717.9 million ringgit ($167.9 million), the utility giant said in a stock exchange filing Wednesday, as first-quarter revenue fell 12% to MYR11.65 billion.
Given the ongoing Covid-19 pandemic and the uncertainties in the global economic environment, Tenaga said it foresees prolonged challenges for the group's 2020 prospects.
Nonetheless, the group expects economic activity will gradually pick up in the second half of 2020 and to register a positive recovery in 2021.
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