Malakoff 3Q net profit rises to RM83.50 mln

KUALA LUMPUR: Malakoff Corporation Bhd posted a higher net profit of RM83.50 million in the third quarter ended Sept 30, 2018 (Q3 2018) from RM64.18 million in the same period last year.

Revenue improved to RM1.91 billion from RM1.82 billion previously, mainly attributed to higher energy payment recorded from Tanjung Bin Power Sdn Bhd coal plant on the back of higher applicable coal price.

In a filing to Bursa Malaysia, the independent water and power producer said the stronger revenue was also contributed by Segari Energy Ventures Sdn Bhd, given the higher dispatch factor and increase in natural gas tariff under the extended power purchase agreement.

Moving forward, Malakoff expects its performance to remain satisfactory for the financial year ending Dec 31, 2018.

This was backed by the government’s recent move to expand the supply agreement for renewable energy (SARE) programme, together with the improved net energy metering (NEM) mechanism, which would augur well for the growth of renewable energy (RE) in the country, it said.

The SARE programme allows consumers to instal solar panels in their homes under a solar leasing concept, while the improved NEM mechanism allows consumers to enjoy better rebates for solar power.

“The group is currently evaluating several potential RE opportunities within and outside the country to increase its RE generation capacity,” it added. — Bernama