Malaysia’s power company Tenaga Nasional Bhd has reported a 140% jump in its net profit to RM336.60 million for the third quarter to March 31, 2004, thanks to higher electricity sales. (US$1=RM3.8). However, for the nine months, The Edge newspaper said Tenaga’s net profit fell 49.2% to RM367.30 million from RM723.40 million previously, because of foreign exchange translation losses.

Earnings per share fell to 11.79 sen versus 23.25 sen.

Revenue was 7.7% higher at RM13.06 billion versus RM12.12 billion a year earlier due to higher electricity sales, which rose to RM12.71 billion from RM11.80 billion.

“Forex translation loss was the main factor to the reduction which was brought about by the strengthening of the yen, pound sterling and euro,” it said. Forex losses for the nine months soared to RM447 million from RM71.4 million previously.

Revenue rose 9.8% to RM4.54 billion from RM4.13 billion a year earlier. Electricity sales rose 10% to RM4.41 billion from RM4.01 billion.

According to The Edge, Tenaga chairman Datuk Amar Leo Moggie said it needed to review its power purchase agreements (PPAs) with independent power producers (IPPs).

He predicted Malaysia’s power demand would grow by 7-8% this year in line with the country’s economic growth. For the nine months ended May 31, electricity demand grew 6.8% year-on-year to 53,830.5GWh.