KUALA LUMPUR (June 10): Tenaga Nasional Bhd (TNB) noticed its web revenue for the primary quarter ended March 31, 2020 (1QFY20) fall by 54.53% year
KUALA LUMPUR (June 10): Tenaga Nasional Bhd (TNB) noticed its web revenue for the primary quarter ended March 31, 2020 (1QFY20) fall by 54.53% year-on-year (y-o-y) following a RM402.eight million international change (foreign exchange) loss in opposition to the US greenback and yen.
In a bourse submitting, TNB introduced that its 1QFY20 web revenue declined to RM717.9 million from RM1.55 billion within the corresponding quarter final 12 months.
This translated into decrease earnings per share of 12.62 sen from 27.38 sen beforehand.
Quarterly income declined by 12.01% y-o-y to RM11.65 billion from RM13.24 billion within the corresponding quarter final 12 months.
In a breakdown of its outcomes, TNB stated the decrease income was on the again of RM307.5 million rebate from the Imbalance Price Cross-By way of from the surcharge of RM1.37 billion posted in 1QFY19.
The utility large stated its web revenue was hampered by a RM402.eight million foreign exchange loss, versus a RM207.5 million foreign exchange achieve seen within the corresponding quarter final 12 months.
It added that for its regulated enterprise, it was in a position to preserve an accredited return of RM965.9 million beneath the Incentive-Primarily based Regulation framework.
“Given the continued Covid-19 pandemic and the uncertainties within the international financial atmosphere, the board of administrators foresees extended challenges to the group’s prospects for the monetary 12 months ending Dec 31, 2020. The group has taken the required measures to make sure the steadiness of its funds and operations,” TNB stated on its prospects.
In a separate assertion, TNB stated that electrical energy gross sales for 1QFY20 have been secure at 27,938.2 gigawatt-hours (GWh) or RM11.78 billion, from the 28,471.1GWh or RM12.03 billion registered for 1QFY19.
As a result of seasonal dry spell in March, Peninsular Malaysia’s energy consumption did rise to an all-time excessive of 18,808 megawatts on March 10, which was then disrupted by the implementation of the Motion Management Order (MCO).
On account of the MCO, electrical energy utilization in industrial and business sectors dropped by between 25% and 50%, whereas residential phase noticed a rise of 20% to 50%.
Total demand in 1QFY20 contracted by 1.9% earlier than factoring the affect of Covid-19 and the MCO.
Electrical energy demand in Might fell by 29% y-o-y from Might final 12 months. As such, electrical energy consumption is predicted to drop by 7% to 15% y-o-y in 2020, on the again of the slowdown of actions within the business sector.
TNB president and chief government officer Amir Hamzah Azizan stated that as an important companies supplier, TNB has a crucial function in supporting the Malaysian authorities’s efforts to revive the financial system and help these whose livelihoods are affected.
“Facilitating financial stimulus presently needs to be made a precedence. For TNB, regardless that we face successful to our income assortment, we are able to stay resilient because of a sturdy steadiness sheet.
“Giving extra now to assist the nation rise out of this financial stoop goes to yield higher occasions for all of us collectively,” stated.
As of midday market shut, TNB shares have been up 0.17% or two sen at RM11.92, valuing it at some RM68 billion.