Tenaga Nasional Bhd’s (TNB) net profit declined to RM717.9 million for the first quarter ended March 31, 2020 from RM1.56 billion in the same period last year.
Revenue also fell to RM11.65 billion from RM13.24 billion previously.
In a filing with Bursa Malaysia, TNB attributed the lower revenue to the Imbalance Cost Pass-Through (ICPT) of a rebate position of RM307.5 million compared with a surcharge of RM1.37 billion in the last corresponding period.
The lower net profit was mainly due to foreign currency loss, resulted from the weakening of the ringgit against the US dollar and the Japanese yen.
“The group recorded a foreign currency loss of RM402.8 million during the current period under review compared to a gain of RM207.5 million in the last corresponding period,” it said.
Moving forward, it said given the ongoing COVID-19 pandemic and the uncertainties in global economic environment, the Board of Directors foresees prolonged challenges on the group’s prospect for the financial year ending Dec 31, 2020.
However, it said the group has taken the necessary measures to ensure the stability of its finances and operations. – BERNAMA