Malaysia's Tenaga Reports Rise in Net Profit for Quarter Ended Nov.

01/26/18 05:05 AM EST

By Yantoultra Ngui

 

KUALA LUMPUR, Malaysia -- National electricity utility Tenaga Nasional Bhd. (5347.KU) said Friday that net profit for its fiscal quarter ended November climbed 23.6% on year, mainly due to a foreign-exchange gain during the quarter as compared with a foreign-exchange loss in the same period a year ago.

Net profit for the September-November period increased to 2.15 billion ringgit ($554.9 million) from MYR1.74 billion a year earlier, according to a stock-exchange filing. Revenue for the period climbed 3.3% to MYR11.60 billion from MYR11.24 billion a year earlier, mainly due to an increase in sales of electricity.

Tenaga changed its financial year ending August to December and termed the September-November period as the "other" quarter.

Moving forward, Tenaga said unit electricity-demand growth will be stable and in line with the expected growth of the national economy.

The company, which counts Malaysian state investor Khazanah Nasional Bhd. as a major shareholder, said its board of directors expects its result for the period ending December 2017 to remain stable.

Tenaga shares ended 0.13% lower at MYR15.84 on Friday ahead of the earnings release. The local benchmark stock index closed 0.44% higher.

 

Write to Yantoultra Ngui at Yantoultra.Ngui@wsj.com.

 

(END) Dow Jones Newswires

January 26, 2018 05:05 ET (10:05 GMT)

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