KUALA LUMPUR: Shares of TENAGA NASIONAL BHD [] fell in late morning trade on Thursday, Aug 18 on continuing worries about high fuel costs impacting its financial results in the fourth quarter.
At 11.53am, Tenaga was down 15c to RM5.73 with 4.95 million shares done. The lowest was RM5.70 on Aug 9.
The FBM KLCI shed 2.61 points to 1,500.46. Turnover was 377 million shares valued at RM582.45 million.'' There were 214 gainers, 296 losers and 281 stocks unchanged.
Tenaga posted net losses of RM440.20 million for the third quarter ended May 31, 2011 was a stark contrast from the net profit RM1.11 billion a year ago.
For the nine months ended May 31, Tenaga's net profit fell to RM903 million from RM2.81 billion in 2010 despite an increase in revenue to RM22.99 billion from RM22.45 billion.
OSK Research described the results as 'shocking' as it had expected a breakeven results. Even the most bearish of the previews had also only foreseen a slight loss, it said.
A local newspaper reported that Tenaga Nasional was expecting to be affected by high fuel costs again in the fourth quarter, mainly due to a prolonged gas supply shortage.
Its president and chief executive officer Datuk Seri Che Khalib Mohamad Noh was quoted saying 'the fourth quarter is going to be equally bad'.
The shortage of gas for the power sector means the power company will have to spend about Rm400 million more a month to buy alternative fueld like distillates and medium fuel oil.
At 11.53am, Tenaga was down 15c to RM5.73 with 4.95 million shares done. The lowest was RM5.70 on Aug 9.
The FBM KLCI shed 2.61 points to 1,500.46. Turnover was 377 million shares valued at RM582.45 million.'' There were 214 gainers, 296 losers and 281 stocks unchanged.
Tenaga posted net losses of RM440.20 million for the third quarter ended May 31, 2011 was a stark contrast from the net profit RM1.11 billion a year ago.
For the nine months ended May 31, Tenaga's net profit fell to RM903 million from RM2.81 billion in 2010 despite an increase in revenue to RM22.99 billion from RM22.45 billion.
OSK Research described the results as 'shocking' as it had expected a breakeven results. Even the most bearish of the previews had also only foreseen a slight loss, it said.
A local newspaper reported that Tenaga Nasional was expecting to be affected by high fuel costs again in the fourth quarter, mainly due to a prolonged gas supply shortage.
Its president and chief executive officer Datuk Seri Che Khalib Mohamad Noh was quoted saying 'the fourth quarter is going to be equally bad'.
The shortage of gas for the power sector means the power company will have to spend about Rm400 million more a month to buy alternative fueld like distillates and medium fuel oil.
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