KUALA LUMPUR, Malaysia--National electricity utility Tenaga Nasional Bhd. (5347.KU) said Thursday that net profit for its fiscal third quarter fell 15% from the previous year, mainly due to an increase in deferred taxation expense.
Net profit for the three months ended May declined to 1.96 billion ringgit ($457.5 million) from MYR2.30 billion a year earlier, according to a stock-exchange filing. Its revenue for the period climbed 3.5% to MYR12.55 billion from MYR12.13 billion a year earlier.
Continue Reading Below
Tenaga said electricity demand is expected to grow in line with Malaysia's projected economic growth of 4.8% by the International Monetary Fund.
Still, it said it remains cautious about its outlook for the year ending Aug. 31, given the prospect of volatility in global commodity and energy prices.
Tenaga shares ended slightly higher at MYR14.24 on Thursday ahead of the earnings release.
Write to Yantoultra Ngui at firstname.lastname@example.org
(END) Dow Jones Newswires
July 27, 2017 06:11 ET (10:11 GMT)