Wednesday 18 January 2012

Tenaga extends losses in afternoon

KUALA LUMPUR (Jan 18): TENAGA NASIONAL BHD []’s (TNB) share price extended its losses in the afternoon session on Wednesday after reporting net losses in the first quarter ended Nov 30, 2011.

At 2.59pm, it was down 13 sen to RM6.10 with 3.07 million shares done.

The FBM KLCI fell 3.82 points to 1,515.54. Turnover was 877.08 million shares valued at RM746.48 million. Losers led gainers 357 to 306 while 302 stocks were unchanged.

On Tuesday, TNB reported net loss of RM224.70 million for the first quarter ended Nov 30, 2011 compared to net profit RM716.50 million a year earlier.

It had attributed the losses due mainly to 29.5% increase in operating expenses due to continued use of oil and distillate as alternative fuel to generate electricity.

RHB Research Institute said excluding forex losses of RM420 million, TNB’s 1QFY12 results were above its expectations with core net profit of RM196 million (down 76.1% on-year) as it had expected TNB to incur losses in 1HFY12 before the gas supply normalises in 2HFY12.

“ FY12 core earnings forecast raised by 22% after imputing an additional 50 mmscfd of gas to be received by TNB beginning Mar. Fair value revised to RM6.50 (from RM6.15) based on unchanged target CY12 PER of 15x. Maintain Market Perform,” it said.



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