KUALA LUMPUR: Malakoff Corp Bhd’s net profit more than halved to RM43.72 million in the fourth quarter ended December 2017, from RM90.23 million in Q4 the previous year, mainly due to lower capacity payment recorded at Segari Energy Ventures Sdn Bhd.
However, its revenue was higher at RM1.79 billion in the quarter, from RM1.71 billion previously, due to higher energy payments recorded at Tanjung Bin Power Sdn Bhd and Tanjung Bin Energy Sdn Bhd.
For the full-year ended December 2017, net profit dropped 12 per cent to RM309.95 million from RM355.46 million in the preceding year, while revenue rose to RM7.13 billion from RM6.1 billion.
Chief executive officer Datuk Ahmad Fuaad Kenali said Malakoff will continue to pursue growth opportunities locally to expand its generation capacity especially on the renewable energy segment.
The company will also continue to explore investment opportunities overseas to complement its local generation business, he added.
“We will continue to improve efficiency, availability and reliability of the Group’s power plants, including strengthening the cost management aspect of the business in view of the more competitive future landscape of the energy and power industry,” Fuaad said.
Fuaad said the group expects its performance will remain satisfactory for the financial year ending December 2018.