PETALING JAYA: Malakoff Corp Bhd saw its net profit nearly triple to RM85.48 million for the fourth quarter ended Dec 31, 2018 (Q4), from RM29.7 million in the previous corresponding quarter.
This was due to improved contribution from Tanjung Bin Energy (TBE) coal plant, lower depreciation of C-inspection costs, operation and maintenance costs, net finance costs coupled with higher contributions from associates investments, the group said in Bursa Malaysia filing today.
Revenue for the quarter increased 5.2% to RM1.89 billion, compared with RM1.79 billion in the same quarter a year ago primarily due to higher energy payment recorded from Tanjung Bin Power and TBE coal plants on the back of higher applicable coal price.
For the full year, its net profit declined 7.26% to RM274.43 million, from RM295.93 million a year ago, while revenue slightly up by 3.1% to RM7.35 billion, from RM7.13 billion previously.
On its prospects, Malakoff said it is currently exploring opportunities in the renewable energy sector particularly on hydro, biogas and waste-to-energy, in line with the government’s greater push for renewable energy.
The group said it will also be participating in the government’s open tender for the third round of the 500MW large scale solar (LSS3) projects, which was announced recently.
Based on the foregoing, the group expects performance to remain satisfactory for the financial year ending Dec 31, 2019, it added.
As at 2.35pm, the group’s share price up 1.71% or 1.5 sen to 89 sen with 4.62 million shares changing hands.
