TNB posts RM716m net profit for 1Q, down 29% q-o-q

TENAGA Nasional Bhd (TNB) saw a 29% drop in the net profit for the first three months through March 2024  due to foreign exchange losses and tax expenses recognition.

For the first quarter ended March 31, 2024 (1Q24), it posted a net profit of RM715.7 million on a revenue of RM13.640 billion, up 8% quarter-on-quarter.

The revenue increase was attributed to an increase in electricity sales, the company in an exchange filing on May 31.

Its earnings per share was 12.37 sen versus 17.42 sen previously.

TNB share price today closed at RM13.04, down 14 sen or 1.06%, giving it a market capitalisaton of RM75.54 billion. — TMR