By Yantoultra Ngui
KUALA LUMPUR, Malaysia--National electricity utility Tenaga Nasional Bhd. (5347.KU) said Tuesday that net profit for the quarter ended November dropped 12%, mainly due to the strengthening of the U.S. dollar against the ringgit.
Net profit for the first quarter declined to 1.74 billion ringgit ($392 million) from MYR1.98 billion a year earlier, according to a filing with the local stock exchange. Its revenue for the period climbed 5.2% to MYR11.24 billion from MYR10.68 billion a year earlier.
Tenaga said the volatility in exchange rates will be challenging and it remains cautious on its prospect for financial year 2017.
Tenaga shares ended Tuesday slightly lower at MYR13.88 prior to the earnings release.
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