Malaysia's Tenaga Nasional Q1 net profit rises 34.3%

[KUALA LUMPUR] Tenaga Nasional Bhd, Malaysia's largest power firm, said on Thursday net profit for the first quarter ended November rose 34.3 per cent year-on-year to RM2.35 billion (US$652.8 million) mainly on higher charges and sales of electricity.

Revenue of the country's largest listed company by market value climbed 15 per cent to RM11 billion, the utility said in a stock exchange filing.

Tenaga, which counts Malaysia's state investor Khazanah as its biggest shareholder, on Jan 9 said it was offering US$181 million to buy the remaining shares in port operator Integrax Bhd that it does not already own.

Although the move is not expected to contribute significantly to the company's earnings, it will give Tenaga full control over the port and ensure the security of coal supply to its power plants located nearby, analysts have said.

"In the light of prevailing global economic conditions and volatility of foreign exchange that will impact the Malaysian economy, the board of directors is cautious on the group's prospect for the financial year 2015," Tenaga said.

REUTERS