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Tenaga Nasional 2Q Net Profit Fell 41%

   By Ben Otto 
 

Tenaga Nasional Bhd.'s second-quarter net profit fell 41% on year, as electricity sales declined during the Covid-19 pandemic and the company faced higher tax expenses.

Net profit dropped to 653.3 million ringgit ($156.6 million) from MYR1.12 billion a year earlier, the Malaysian utility giant said in a stock-exchange filing Friday.

Revenue fell 15% to MYR10.89 billion as business activity declined amid large-scale movement restrictions designed to curb the spread of Covid-19.

Tenaga Nasional said it anticipated a gradual recovery in performance for the rest of the year as the Malaysian economy opens further and government stimulus spending takes effect.

 

Write to Ben Otto at ben.otto@wsj.com

 

(END) Dow Jones Newswires

August 28, 2020 01:18 ET (05:18 GMT)

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