3Q core profit down 39.5% qoq... Excluding forex gains of RM573m, TNB’s 3Q results were broadly in line with our and consensus estimates with 9MFY10 core net profit of RM2.1bn (+21.8% yoy) accounting for 70- 73% of our and consensus FY10 net profit forecasts. We expect 4Q results to benefit from stronger demand (typically stronger in 4Q) as well as the absence of provision for vacated accounts of RM63m booked in 3Q, partly offset by higher coal cost. As expected, TNB did not declare any dividend.
Tenaga Nasional Berhad : 3QFY10 Results Dampened By Higher Coal Cost And Provisions - 15/7/2010
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