Source from (Business Times): http://www.btimes.com.my/Current_News/BTIMES/articles/20120716172630/Article/index_html
Published: July 16, 2012
For TNB's upcoming third quarter (Q3) financial year 2012 (FY2012) results this Thursday, MIDF did not expect it to be a repeat of the bumper numbers as in Q2 FY2012 due to the shortage of gas supply, which necessitated TNB to burn more alternative fuels.
"This is also due to the weakening of the ringgit against the yen and US dollar," the research house said in a note today.
However, it said this would be offset by the fuel compensation realised in the Q3 FY2012 and lower coal prices.
"We are expecting its third quarter financial year 2012 net profit to be in the region of between RM600 million and RM700 million, a significant improvement over the RM500 million core net loss in same quarter last year," it added.
MIDF said the earnings figure excluded the RM250 million fuel compensation, which is a one-off item and forex translation loss of more than RM430 million.
"Hence, TNB's core net profit for the nine months in FY2012 is likely to soar to RM1.5 billion, which accounts to 54 per cent of our full FY2012 forecast," it added.
The research firm left its earnings forecast unchanged pending the release of Q3 FY2012 results. "We reiterate our 'buy' call on TNB with target price remaining unchanged at RM7.50," it added. -- Bernama
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