The ministry, in a statement yesterday, clarified the situation on the short-term agreements
KUALA LUMPUR: Tenaga Nasional Bhd
's earnings jumped 192% to RM2.31bil in the third quarter ended May 31, 2016 from RM789.40mil a year ago, boosted by higher sales of electricity and impact from the recognition of the imbalance cost pass-through (ICPT).
The power giant said on Thursday revenue increased by 22.4% to RM12.13bil from RM9.905bil. Earnings per share were 40.91 sen compared with 13.99 sen.
Tenaga said there was a recognition of the over recoverability of ICPT from a year ago of RM1.82bil as compared to RM537.6mil recognised in the current quarter.
“Another main factor was the increase in group’s sales of electricity by RM798.4mil or 7.4%. The increase in group’s sales of electricity was mainly from sales of electricity in the Peninsular Malaysia which recorded an increase of 7.6%, with a corresponding growth of 6.2%.
“The impact of the recognition of ICPT and higher sales of electricity during the current quarter had resulted in a higher profit attributable to the owners of the company by RM1.519bil,” it said.
Tenaga recorded a foreign exchange (forex) translation loss of RM39.8mil compared with a gain of RM171.6mil a year ago. However, its forex transaction gain was RM30.1mil compared with a loss of RM114.9mil a year ago.
For the nine months ended May 31, 2016, its earnings rose 5.8% to RM5.60bil from RM5.29bil in the previous corresponding period. Its revenue increased by 5.5% to RM33.29bil from RM31.54bil.
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