KUALA LUMPUR: TENAGA NASIONAL BHD [] shares dipped on Thursday, July 21 on expectations that it was likely to report weaker 3QFY11 ended May 31 results tomorrow due to higher coal cost and plant maintenance.
At 11.15am, Tenaga fell nine sen to RM6.50 with 906,300 shares done.
The utility giant posted a net profit of RM1.11 billion in the previous corresponding quarter on the back of RM7.72 billion revenue. In 2QFY11 ended Feb 28, TNB recorded a net profit of RM630.3 million.
HwangDBS said while weaker 3Q earnings are expected this year, it looks forward to stronger earnings from 4Q onwards as TNB has received an average tariff hike of 7% effective June 1.
'We estimate there will be a net profit enhancement of RM600 million per year for TNB from the 7% tariff hike, despite the 28% increase in subsidised gas cost,' said the research house.
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At 11.15am, Tenaga fell nine sen to RM6.50 with 906,300 shares done.
The utility giant posted a net profit of RM1.11 billion in the previous corresponding quarter on the back of RM7.72 billion revenue. In 2QFY11 ended Feb 28, TNB recorded a net profit of RM630.3 million.
HwangDBS said while weaker 3Q earnings are expected this year, it looks forward to stronger earnings from 4Q onwards as TNB has received an average tariff hike of 7% effective June 1.
'We estimate there will be a net profit enhancement of RM600 million per year for TNB from the 7% tariff hike, despite the 28% increase in subsidised gas cost,' said the research house.
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