Malakoff Q3 net profit down 67% to RM51.5m
PETALING JAYA: Malakoff Corp Bhd’s net profit for the third quarter ended Sept 30, 2016 plunged 66.99% to RM51.51 million from RM156.02 million a year ago due to additional depreciation caused by the change in estimate of residual value of gasfired power plants.
In a filing with Bursa Malaysia yesterday, it said that the lower profit was also due to lower contribution from Port Dickson Power Bhd, foreign exchange translation loss and higher maintenance costs.
Revenue for the quarter rose 17.97% to RM1.51 billion from RM1.28 billion a year ago, mainly due to revenue contribution by Tanjung Bin Energy Sdn Bhd pursuant to the commencement of its operation on March 21, 2016.
Moving forward, the group expects the challenging environment to persist over the medium term.
“Given this challenging scenario, the group has embarked on strategic initiatives to continue to be in a position to secure growth opportunities for the future. In addition, the group has focused on enhancing efficiencies throughout its operations and hence expects the results to remain positive for the financial year ending Dec 31, 2016,” it said.
For the nine months ended Sept 30, 2016 net profit fell 23.39% to RM265.23 million from RM346.21 million a year ago.