Saturday 02 Mar 2024
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KUALA LUMPUR (Nov 23): Malakoff Corporation Bhd registered a net loss of RM109.42 million for the third quarter ended Sept 30, 2023 (3QFY2023), from a net profit of RM66.54 million in the same period last year, primarily due to a negative fuel margin recorded at its coal plants, on the back of higher weighted average coal costs.

Quarterly revenue fell 32.2% to RM2.15 billion from RM3.18 billion, due to lower energy payment recorded from Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd, which were impacted by a decline in applicable coal price, the group said in a bourse filing on Friday.

On a quarter-on-quarter basis, the group’s net loss shrank from RM318.73 million in 2QFY2023, while revenue dropped from RM2.36 billion.

For the first nine months of FY2023 (9MFY2023), Malakoff posted a net loss of RM527.24 million compared to a net profit of RM213.16 million in the same period last year (9MFY2022), largely due to the substantial negative fuel margin recorded at its plants.

Revenue for the nine months declined 7.83% to RM6.80 million, from RM7.38 million previously, due to a lower energy payment recorded from the Tanjung Bin Power coal plant.

Malakoff expects a negative overall performance for the full financial year (FY2023), taking into consideration impacts from global coal prices.

“Nonetheless, the group will continue to optimise its plants’ operational efficiencies to cushion the adverse impact,” it said.

Malakoff shares closed 0.005 sen or 0.78% lower at 64 sen on Friday, giving the group a market capitalisation of RM3.20 billion.

Edited ByS Kanagaraju
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