Power giant Tenaga said today its first half net profit fell sharply because of forex losses resulting from the strengthening of the yen and euro.

Net profit in the six months to February fell to RM30.7 million from RM583.4 million last year, the company said, with forex losses at RM543.8 million against RM9.7 million previously.

Sales for the first six months stood at RM8.53 billion compared with RM7.99 billion a year ago, with the higher sales due to an increase in electricity demand, Tenaga Nasional Bhd said in a statement.

Second quarter sales up

Electricity sales were up 6.5 percent for the first half, while for the second quarter electricity sales rose 9.5 percent.

Sales for the second quarter amounted RM4.3 billion against RM3.9 billion a year ago while net profit was RM57.1 million as opposed to a net loss of RM60.6 million.

On its outlook, the company forecast a satisfactory year given economic growth of 6.0-6.5 percent projected by the government and the commitment to improve operational efficiency. - AFP