2Q core profit up 13% qoq... Excluding forex gains of RM152m, TNB’s 2Q results came in at the top-end of our and consensus estimates with 1HFY10 core net profit of RM1.6bn (+24% yoy) accounting for 54-55% of our and consensus FY10 net profit forecasts. 2H net profit, however, is expected to be slightly weaker HoH mainly due to higher coal cost.
Tenaga Nasional Berhad : Demand Growth Turning Out Stronger Than Expected -21/04/2010
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