PETALING JAYA: Despite lower sales of electricity in the first three months of 2021, Tenaga Nasional Bhd
(TNB) began its new financial year on a strong footing as net profit in the first quarter ended March 31 surged by 33.5% year-on-year (y-o-y).
TNB said net profit in the first quarter has increased to RM958.7mil as compared to RM717.9mil a year earlier.
Revenue, on the other hand, fell by 1.5% y-o-y to RM11.48mil.
The decline in revenue in the January-March 2021 period was offset by lower generation costs, a RM331.2mil reduction in foreign currency translation loss and a RM135.3mil increase in fair value of financial instruments.