KUALA LUMPUR: Malakoff Corporation Bhd’s net profit rose 13.16 per cent to RM94.49 million for the third-quarter (Q3) ended Sept 30, 2019 from RM83.50 million a year ago.
Revenue however slipped 2.8 per cent to RM1.86 billion compared to RM1.91 billion previously due to lower energy payment recorded from Tanjung Bin Plant (TBP) coal plant’s scheduled maintenance outage performed between August 24, 2019 to October 21, 2019.
However, these were partially moderated by improved contribution from Tanjung Bin Energy Sdn Bhd (TBE) coal plant and gain on remeasurement of existing investment in Shuaibah following completion of the acquisition of Khazanah Nasional Bhd’s equity interest in Desaru Investments (Cayman Island) Ltd (DIL), the company's Bursa Malaysia filing noted.
The group will continue to focus on enhancing the efficiency and reliability of its assets.
To this end, the Tanjung Bin Energy Plant had undertaken 73 days scheduled outage in the first half of 2019 and its Unscheduled Outage Rate (UOR) has now reduced to below 6.0 per cent.
As part of it’s effort to further optimise capital structure and unlock the value of its assets, the group had, on Oct 29, 2019, entered into a conditional share and unit purchase agreement with AMP Capital of Australia to dispose its 50 per cent participating interest in Macarthur Wind Farm, Australia for AU$356.85 million, the filing noted.