File pic of Malakoff Corp Bhd's coal-fired Tanjung Bin Power Plant in Johor
KUALA LUMPUR: Malakoff Bhd posted a stronger set of earnings in the financial year ended Dec 31, 2015 of RM453.23mil, boosted by higher contributions from the Tanjung Bin power plant and setting the pace for a better performance in the current year.
The independent power producer said on Friday its FY15 earnings rose 32.6% from the RM341.55mil a year ago. Profit before tax rose 18% to RM702.04mil from RM595.59mil.
“This was mainly due to higher contribution from Tanjung Bin Power, lower finance cost and higher interest income which was offset by higher share of losses from our associate, Kapar Energy Ventures and compressor rotor rectification works in Prai power plant,” it said.
Malakoff said its revenue however fell 5.2% to RM5.30bil compared with RM5.59bil a year ago mainly due to lower capacity factors registered by its coal fired and certain gas fired power plants, scheduled outages taken by certain power plants as part of their maintenance cycles and lower distillate firing.
In the fourth quarter ended Dec 31, 2015, it reported a 5% drop in earnings to RM107.02mil from RM112.69mil a year ago due to lower capacity factors registered by its coal fired and gas fired power plants and the scheduled outages taken by certain power plants as part of their maintenance cycles
Revenue declined 7.1% to RM1.37bil from RM1.48bil a year ago. Earnings per share were 2.14 sen compared with 3.15 sen.
Malakoff said a decision on the declaration of the final dividend for FY15 would be made upon the finalisation of the audited financial statement.
On the outlook, Malakoff said it expected 2016 to be better as the coal fired and gas fired power plants were expected to continue to perform well.
It added the group’s finance costs would also be lower with the redemption of the unrated Junior Sukuk Musharakah from the proceeds raised from its initial public offering.
“The Tanjung Bin Energy power plant is expected to commence its commercial operation date in March 2016 and will further enhance the group’s performance,” it said.
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