Tenaga Nasional Bhd, the country's largest utility company, posted a net profit of RM631.5 million for the second quarter ended February 28 2011, a 37 per cent decline from the RM1 billion net profit same quarter last year.
The decline was mainly driven by the higher coal prices. For the fiscal second quarter, coal price, including freight cost, is averaged at US$103.8/ metric tonne. In contrast, coal prices for the fiscal first quarter was averaged at about US$80 per metric tonne.
The higher coal prices also hurt its earnings before interest, tax, depreciation and amortisation (Ebitda) margin significantly, from 30.8 per cent first half ended February 28 2010, to 24.8 per cent a year later.
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