Utility firm Tenaga Nasional Berhad today posted a sharp 181.5 percent increase for its half-year profit on higher power demand and a firmer ringgit.

Tenaga said its half-year to February 2007 net profit was 2.801 billion ringgit (816.6 million dollars) compared with 995.1 million ringgit in the same period the year before.

"The improvement was largely driven by higher revenue in sales of electricity," the company said in a statement to Malaysia's bourse accompanying its results.

"Further strengthening of ringgit Malaysia against the major currencies ... has also contributed to the better performance of the group," it said.

Foreign exchange earnings jumped 28.4 percent, accounting for 614.9 million ringgit of total net profits, while revenue for the period was 15.8 percent higher at 11.283 billion ringgit from a year earlier.

The company also said it intended to distribute dividends in the range of 40 to 60 percent of its annual free cash flow in its 2007 financial year.

Tenaga said its revenue was projected to increase in the second half of its financial year on the back of a better economic outlook and higher electricity tariffs, which came into effect on June 1 last year.