News

Malakoff posts higher Q1 net profit of RM67 million

KUALA LUMPUR, May 27 (Bernama) -- Malakoff Corporation Bhd's net profit rose to RM67.0 million for the first quarter ended March 31, 2019 (Q1 2019) from RM52.91 million in the same period last year.

Revenue also increased to RM2.01 billion from RM1.60 billion previously, primarily due to higher energy payment recorded by Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd’s (TBE) coal plants on the back of higher applicable coal price.

In a filing with Bursa Malaysia today, the country's largest independent power producer said its pre-tax profit soared to RM131.4 million in Q1 2019 compared with RM97.0 million in the corresponding quarter last year.

"This was mainly attributed to the improved contribution from TBE coal plant, as there was no unplanned plant outage occurrence during the current quarter under review, coupled with lower net finance costs.

"However, these were partially offset by higher operation and maintenance costs," it added.

In a separate statement, chief executive officer Datuk Ahmad Fuaad Kenali said the group would continue to prioritise the reliability and efficiency of its assets, especially TBE power plant.

"The plant is currently undergoing a 70-day scheduled outage (March 31, 2019 to June 9, 2019) for rectification and maintenance work, which upon completion, is expected to be more resilient going forward," he said.

Ahmad Fuaad also said the acquisition of Alam Flora Sdn Bhd, which was expected to be completed by end-2019, would enable the group to expand into high potential waste and environmental related services.

-- BERNAMA

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