Thursday, 12 April 2012

Tenaga up 1.3% in anticipation of record profit

KUALA LUMPUR (April 12) : TENAGA NASIONAL BHD [] (TNB) shares rose as much as 1.3% in morning trade as investors chased the stock in anticipation that the state-owned utility’s announcement of a record quarterly profit on Thursday.

The stock rose eight sen to an intraday high of RM6.45 as at 10.51am, placing it among top gainers across the Malaysian exchange.

Analysts said TNB may announce higher profits for the second quarter ended February 29, 2012, helped mainly by RM2 billion worth of cost-sharing payments from the government and Petroliam Nasional Bhd. In a note, Maybank Investment Bank said TNB could have registered a profit of RM2.16 billion (excluding foreign exchange (forex) translation), a record in the company’s history.

Excluding forex and cost-sharing payments, Maybank said TNB could have posted a core net profit of RM658 million in the second quarter, a 42% increase from a year earlier. This compares to a net loss of RM224.7 million in the preceding first quarter.

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