KUALA LUMPUR, Nov 24 — Tenaga Nasional Bhd’s (TNB) net profit for the third quarter (3Q) ended September 30, 2023, declined to RM856.20 million from RM888.90 million in the corresponding period a year ago.

However, revenue for the quarter under review was 3.9 per cent higher at RM13.47 billion from RM12.96 billion last year.

The electricity generation and distribution of power company attributed the improved revenue to higher sales of electricity.

"Profit after taxation for the current quarter under review reduced by RM95.3 million, or 9.8 per cent, from RM972.7 million during the last corresponding quarter to RM877.4 million.

"This was due to negative fuel margins and cushioned by lower tax expenses and gains in foreign exchange translation,” it said in a filing with Bursa Malaysia today.

For the nine-month period, TNB’s net profit fell to RM2.19 billion from RM2.65 billion in the same period a year ago.

On the outlook, TNB said the group reported a fair performance with its receivables and working capital position improving, supported by good collection rates and easing pressure on coal prices.

"As the overall economy is projected to grow at four per cent for the year, the group foresees a stable performance and will continue to remain cautious on the impact of fuel prices and currency volatility on its earnings.

"The group will continue to take prudent measures in managing its operational and financial requirements to ensure it remains resilient,” it added. — Bernama