Malakoff Q3 net profit down 67% to RM51.5m

The Sun (Malaysia) - - SUNBIZ -

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.

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