Thursday, 19 April 2012

Tenaga up 2% on AAA ratings

KUALA LUMPUR (April 19) : TENAGA NASIONAL BHD [] (TNB) shares rose as much as 2% after Malaysian Rating Corp Bhd (MARC) affirmed its AAA ratings for the state-owned utility’s Islamic bonds with a stable outlook.

TNB added 14 sen to RM6.69 before settling lower at RM6.58 at lunch break. Some 2.5 million shares changed hands.

MARC said its rating for TNB is supported by the utility’s economic importance which should ensure a high degree of government financial support to sustain its existing ratings in the future.

TNB’s second quarter net profit rose more than four fold from a year earlier, as a RM2.02 billion fuel-cost compensation from the government and Petroliam Nasional Bhd mitigated the impact of costlier fuel to the utility’s profits.

TNB said net profit came in at RM2.82 billion in the quarter ended February 29, 2012 against RM641.1 million a year earlier as revenue grew 17% to RM8.63 billion from RM7.37 billion. It said its bottom line was also helped by higher electricity sales and foreign exchange translation gains.

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