KUALA LUMPUR: Tenaga Nasional Bhd’s (TNB) net profit decreased 14.9 per cent to RM1.96 billion in the third quarter (Q3) ended May 31, 2017 due increase in deferred taxation expense. The utility company said this was mainly due to higher capitalisation of asset during financial year 2016 and 2017 recognised in the current quarter. During the same quarter a year ago, TNB has recorded a net profit of RM2.31 billion. For the nine-month period, TNB’s net profit decreased 7.5 per cent to RM5.18 billion from RM5.61 billion due to the increase in finance cost from the recognition of interest in amounts owing to the government and from new borrowings acquired during the current period. It said the over-recoverability of the ICPT recognised during the current period of RM288.8 million is lower as compared to the last corresponding period of RM1.93 billion.

Source: New Strait Times July 27, 2017 12:11 UTC