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.
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(END) Dow Jones Newswires
August 28, 2020 01:18 ET (05:18 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.