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KUALA LUMPUR 21 SEPTEMBER 2016. Bangunan Ibu Pejabat Tenaga Nasional Berhad (TNB), Jalan Bangsar. NSTP/ASYRAF HAMZAHASYRAF HAMZAH

KUALA LUMPUR: Tenaga Nasional Bhd’s net profit eased more than six per cent to RM6.9 billion in the year ended August 31 2017 from RM7.37 billion previously.

This was mainly due to higher finance cost and taxation, the national power utility said in a statement today.

For the fourth quarter, TNB’s net profit dropped to RM1.72 billion from RM1.76 billion in the same period last year.

TNB said the increase in finance cost of 40.1 per cent year-on-year was mainly due to the interest made payable to the government on power purchase agreement’s savings fund of RM130 million and accrued interest of sukuk programmes amounting to RM100 million.

The increase in taxation, mainly due to increase in deferred taxation expense, had further impacted the net profit.

Electricity demand only grew one per cent during the year.

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