MALAKOFF Corporation Bhd continues to strengthen its position in Malaysia’s energy transition, supported by major milestones in its renewable energy (RE) portfolio and resilient performance from its Environmental Solutions segment.
According to a report by The Malaysian Reserve, the group posted RM1.69 billion in revenue for the quarter, compared with RM2.22 billion a year earlier, mainly due to lower energy payments from Tanjung Bin Power Sdn Bhd (TBP) and Tanjung Bin Energy Sdn Bhd (TBE) following a drop in the applicable coal price (ACP). Segari Energy Ventures Sdn Bhd (SEV) also saw lower despatch.
Profit after tax and minority interests (PATMI) stood at RM28.2 million versus RM86.9 million in the same quarter last year, reflecting the absence of last year’s insurance claim recovery at TBE and the impact of lower coal prices on TBP’s fuel margin.
The quarter, however, benefited from a reversal of net realisable value provision for coal inventories as ACP trends improved.
Malakoff’s environmental arm, Alam Flora Sdn Bhd, continued to provide steady earnings support.
Despite revenue easing marginally by 1%, PATMI improved 3% year-on-year on stronger contributions from both concession and non-concession activities.
