Friday, 13 April 2012

TNB up 1.5% on better quarterly financials

KUALA LUMPUR (April 13): Shares of TENAGA NASIONAL BHD [] (TNB) gained as much as 1.5% on Friday morning following updates that the state-owned utility's second quarter (2Q) net profit rose more than four fold from a year earlier.

The stock rose 10 sen to an intraday high of RM6.61 before settling lower at RM6.59 at lunch break.

TNB's net profit came in at RM2.82 billion in 2Q ended Feb 29, 2012 against RM641.1 million a year earlier, as revenue grew 17% to RM8.63 billion from RM7.37 billion.

CIMB Investment Bank Bhd said in a note that it expected a better second half for TNB as the utility uses more gas to generate electricity against a backdrop of higher power demand in the country. CIMB raised its target price for TNB by 4.3% to RM7.98 from RM7.65 with a "trading buy" call.

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