MALAKOFF NETS RM98.8M PROFIT IN Q1

Higher fuel mar­gin, big­ger con­tri­bu­tion from as­so­ci­ates con­trib­ute to earn­ings

New Straits Times - - Business - KUALA LUMPUR

MALAKOFF Corp Bhd has reg­is­tered a net profit of RM98.79 mil­lion in the first quar­ter ended March this year, 17.5 per cent higher than RM84.1 mil­lion in the same pe­riod a year ago, mainly due to higher fuel mar­gin and higher con­tri­bu­tion from its as­so­ci­ates.

De­spite the higher net profit in the last quar­ter, the com­pany is still on the look­out for more growth op­por­tu­ni­ties in the power sec­tor with broad­ened earn­ings base.

“The group is con­tin­u­ing with its strate­gic ini­tia­tives to se­cure growth op­por­tu­ni­ties in the power sec­tor as well as to broaden its earn­ings base in com­ple­men­tary busi­ness sec­tors for the fu­ture.

“In ad­di­tion, the group is also fo­cus­ing on en­hanc­ing ef­fi­cien­cies through­out its op­er­a­tions and ex­pects the re­sults to re­main pos­i­tive for the fi­nan­cial year end­ing De­cem­ber 31 this year,” said the com­pany in its fil­ing to Bursa Malaysia.

Malakoff said this was due to the ex­piry of the ex­ist­ing Se­gari En­ergy Ven­tures Sdn Bhd’s power pur­chase agree­ment (PPA)next month, which is ex­pected to af­fect its the fi­nan­cial year end­ing De­cem­ber this year.

“The new Se­gari En­ergy’s PPA, which will take ef­fect upon ex­pi­ra­tion of the ex­ist­ing PPA, stip­u­lates lower lev­elised tar­iffs”.

Malakoff’s rev­enue for the quar­ter was RM1.8 bil­lion, higher than RM1.3 bil­lion in the same pe­riod a year ago.

The in­de­pen­dent power pro­ducer at­trib­uted the higher rev­enue to three-month con­tri­bu­tion from Tan­jung Bin En­ergy Sdn Bhd dur­ing the cur­rent quar­ter as com­pared with only 10 days of rev­enue con­tri­bu­tion dur­ing the cor­re­spond­ing quar­ter, fol­low­ing the com­mence­ment of Tan­jung Bin’s op­er­a­tion on March 21 last year.

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