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Tenaga Nasional profit misses consensus by 68.9% in fiscal Q3

Tenaga Nasional Bhd. said its normalized net income for the fiscal third quarter ended May 31 came to 9 Malaysian sen per share, compared with the S&P Capital IQ consensus estimate of 28 sen per share.

EPS fell 58.3% year over year from 20 sen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 482.1 million ringgits, a decline of 58.3% from 1.16 billion ringgits in the year-earlier period.

The normalized profit margin dropped to 4.9% from 10.1% in the year-earlier period.

Total revenue fell 13.9% on an annual basis to 9.91 billion ringgits from 11.50 billion ringgits, and total operating expenses decreased 6.2% year over year to 9.02 billion ringgits from 9.62 billion ringgits.

Reported net income declined 51.5% from the prior-year period to 789.4 million ringgits, or 14 sen per share, from 1.63 billion ringgits, or 29 sen per share.

As of July 30, US$1 was equivalent to 3.82 ringgits.