MALAKOFF Q2 PROFIT SLIPS TO RM103.3M

20.3pc fall due to lower contributions from Tanjung Bin plant, claims on rotor replacement

KUALA LUMPUR

MALAKOFF Corp Bhd’s net profit in the second quarter ended June 30 plummeted 20.33 per cent to RM103.27 million, compared with RM129.63 million in the same period a year ago.

This was attributed to lower contributions from Tanjung Bin Energy power plant during the current quarter and insurance claims on rotor replacement.

In a filing with Bursa Malaysia yesterday, Malakoff said revenue rose by 13.07 per cent to RM1.73 billion in the second quarter of this year, from RM1.53 billion in the same period last year, spurred by higher applicable coal price and capacity factor registered by the Tanjung Bin power plant.

Malakoff said the results for the financial year ending December 31 would be affected by the lower capacity payment in the revised Segari Energy Ventures Sdn Bhd’s power purchase agreement that commenced on July 1.

“We will continue with our strategic initiatives to secure growth opportunities in the power sector and broaden our earnings base in complementary business sectors for the future,” it said.

Malakoff is also focusing on enhancing efficiencies throughout its operations. Hence, it expects the results to remain positive in the 2017 financial year.

It announced a single-tier interim dividend of 2.5 sen per share for the 2017 financial year, payable on October 6.

Malaoff shares rose one sen to RM1.02 yesterday with 15.94 million unit traded, giving it a market cap of RM5.1 billion.