Friday, October 28, 2011

#Update* Tenaga 4Q operating loss at RM248.80m, sees challenging FY12

KUALA LUMPUR: TENAGA NASIONAL BHD [] posted operating losses of RM248.80 million in the fourth quarter ended Aug 31, 2011 due to higher fuel costs of coal and utilisation of oil and distillates and expects the current financial year to be 'very challenging'.

The power giant said on Friday, Oct 28, the severe gas curtailment in 4QFY11 led to higher usage of the alternative fuels while coal price rose to US$117.30 per tonne from US$97.20 a year ago.

Tenaga said the decision to use alternative fuel was crucial to meet the demand during the gas curtailment period as it was severely impacted by the high costs. This saw Tenaga posting net loss of RM453.90 million, which was also impacted by foreign exchange translation loss of RM344.60 million in the quarter.

The dismal results were in contrast from a year ago when it posted operating profit of RM917.20 million in the fourth quarter ended Aug 31, 2010.

Its net loss in 4QFY11 was also in contrast with 4QFY10's net profit of RM555.20 million through there was forex translation loss of RM35.50 million.

However, revenue was 13% higher at RM9.12 billion compared with RM8.07 billion a year ago. Loss per share was 8.33 sen compared with earnings per share of 10.22 sen.

Tenaga said for the 4QFY11, it recorded electricity sales of RM8.41 billion compared with RM7.68 billion a year ago.

It had borrowings totaling RM19.054 billion at as Aug 31, 2011, of which RM5.457 billion was in yen, RM2.909 billion in US dollar and RM25.80 million in other currency while RM10.66 billion was in ringgit.

Its cash and cash equivalents shrank to RM3.258 billion as at Aug 31, 2011 from RM8.015 billion a year ago.

For the financial year ended Aug 31, 2011, its net profit plunged 84.3% to RM499.50 million from RM3.20 billion in FY10. Revenue was 6.2% higher at RM32.20 billion compared with RM30.32 billion.

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