Tenaga Nasional : Third-Quarter Net Profit Fell 16% Due to Higher Finance Cost, Lower Electricity Sales

By Chester Tay

Tenaga Nasional Bhd.'s third quarter net profit declined 16% compared with the same period a year earlier due to higher finance cost and lower electricity sales to customers in commercial and industrial segments which were affected by the Covid-19 outbreak.

Net profit fell to 1.01 billion ringgit ($247.1 million) while revenue dropped 12% to MYR11.11 billion, the utilities giant said in a stock exchange filing on Thursday.

For the first nine months of the year, net profit fell 39% on year to MYR2.38 billion, while revenue declined 13% to MYR33.65 billion.

Moving forward, Tenaga expects a gradual recovery of its performance for the rest of 2020, underpinned by the rollout of the government's stimulus packages and sustained momentum for business activity.

The group said it has taken prudent measures in terms of its operational and financial requirements to ensure it remains resilient.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-26-20 0022ET