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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


(END) Dow Jones Newswires

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

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