Malaysia's utility giant Tenaga Nasional, said that net profit for the year to August almost doubled to RM4.06 billion (US$1.2 billion) on higher tariffs and electricity sales.

The company booked a net profit of RM2.13 billion in 2006.

Full-year revenue stood at RM23.32 billion, up 14.4 percent from 2006.

Fourth-quarter net profit was RM168.4 million against RM736.4 million a year ago, hit by foreign exchange losses of RM549 million.

Tenaga said it will pay a final gross dividend of 16.3 sen per share.

"The improvement (in full-year net profit) was largely driven by higher revenue from sales of electricity and supported by the various cost management initiatives embarked by management," said the company in a statement.

For the first time in almost 10 years, the government approved a 12 percent tariff hike for Tenaga in June 2006.