KUALA LUMPUR: Malakoff Corp Bhd's net profit eased 21 per cent to RM355.5 million in the year ended Dec 31, 2016, despite posting higher revenue.
The lower profit was due to additional depreciation from the change in estimate of residual values of gas-fired power plants, Malakoff said today.
It was also attributed to lower contribution from Port Dickson Power Bhd, resulting from reduced tariff of the extended power purchase agreement.
Group revenue rose 15 per cent to RM6.1 billion from RM5.3 billion in 2015.
Malakoff chairman Tan Sri Syed Anwar Jamalullail said it will continue to leverage on a business model designed to ensure sustainable growth.
A final dividend of 3.5 sen per share has been declared at Malakoff's annual general meeting today.
This brings the full-year dividend to 7 sen, or 98 per cent of the group's net profit for 2016.