TNB released it first quarter results for the year with revenue increasing by 8.0% or RM1,014.8 million to RM13.6 billion which the utility giant said was mainly due to an increase in electricity sales, which rose by 11.0% or RM1,349.6 million. The demand growth increased by 9.9% mainly driven by commercial and domestic sectors.
Meanwhile, TNB said ICPT’s under recovery position decreased to RM2,353.0 million from RM3,632.3 million due to lower
generation costs during the quarter.
Despite the Group’s positive revenue growth and lower generation costs, there was a slight decrease in operating profit, by 2.8% to RM2,024.8 million from RM2,082.1 million in the previous corresponding period. This decline it said was due to the lower other operating income.
Profit after taxation decreased to RM677.9 million from RM930.9 million in the previous corresponding period, lower by 27.2% or RM253 million. This decrease was primarily due to foreign exchange translation loss and tax expenses recognised in the current quarter. However, TNB said they were partially offset by net finance income and cost.
