TNB’s net profit touches RM1bil in first quarter

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PETALING JAYA: Tenaga Nasional Bhd’s (TNB) net profit in the first quarter ended March 31, 2023 (Q1 FY2023) rose 12.2% to RM1 billion from RM893.1 million a year ago on the back of higher revenue and lower tax provisions which offset higher operating expenses.

Quarterly revenue was up 3.9% to RM12.63 billion from RM12.15 billion, on higher sales of electricity with demand growth of 0.8%, TNB said.

The increase was primarily attributed to lower tax provisions recognised in the current quarter, resulting from the higher utilisation of the reinvestment allowance incentive, the utility giant said in a filing with Bursa Malaysia today.

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