KUALA LUMPUR: Malakoff Corp Bhd posted improved net earnings for the final quarter of its financial year ended Dec 31, 2019, aided by a one-off gain from the disposal of its investment in Malakoff Australia Pte Ltd.
The board of directors has recommended a dividend of 4.11 sen a share.
For the quarter, the group recorded net profit of RM106.41mil, which was 24.5% higher than in the corresponding quarter last year.
Revenue however fell 7.7% y-o-y to RM1.74bil owing mainly to lower energy payment from Tanjung Bin Power Sdn Bhd following the decline in applicable coal price.
The decline in revenue was partially mitigated by higher energy payment from Segari Energy Ventures Sdn Bhd and a one-month revenue contribution from the group's newly acquired subsidiary Alam Flora Sdn Bhd.
Pre-tax profit was 12% lower than in the comparative quarter at RM137.7mil due to the lower contribution from Tanjung Bin, a higher-than-expected share of losses from 40%-owned Kapar Energy ventures Sdn Bhd and net impairment loss on the carrying value of investment in the same.
The weaker performance was partially moderated by a one-off gain from the disposal of the group's stake in Malakoff Australia.
For the entire financial year, the group recorded a net profit of RM320.15mil, which was 16.66% improved over the previous year, on the back of revenue of RM7.42bil, which was a 1% increase over the 2018 result.
Moving forward, the group will continue to expand its footprint in the renewable energy (RE) sector in line with the government's target to increase RE generation capacity to 20% by 2025, it said.
https://www.thestar.com.my/business/business-news/2020/02/19/malakoff-posts-4q-earnings-of-rm10641mil
