KUALA LUMPUR, Aug 18 — Malakoff Corporation Bhd’s net profit for the second quarter ended June 30, 2020 rose 101 per cent to RM104.96 million from RM52.25 million in the same quarter last year.

The group said the improved performance was attributed to increased earnings from Tanjung Bin Energy Sdn Bhd (TBE) and contribution from Alam Flora Sdn Bhd (AFSB).

However, revenue fell 17 per cent to RM1.51 billion from RM1.81 billion in the same period previously, it said in a filing with Bursa Malaysia.

The decline was due to lower energy payment recorded from TBE and Segari Energy Ventures Sdn Bhd following the decline in applicable coal price and lower despatch factor, respectively.

Other factors were TBP’s lower daily utilisation payment in line with the scheduled reduction in tariff, effective September 28, 2019 and absence of revenue contribution from Malakoff Australia Pty Ltd upon completion of its disposal in December 2019.

The group recommended payment of interim dividend of 2.80 sen per ordinary share in respect of the financial year ending December 31, 2020 which will be paid on October 16. — Bernama