Forex gains accounts for 51.4% of its third quarter net profit. TNB has huge foreign debts. When MYR appreciates, the whole debt would be smaller in MYR terms. But TNB is not paying off the whole debt but only the current portion of the debt which is due. That means about half of its third quarter profits are paper profits.
However,.....operating profits decline by 31.5% compared to the 2nd quarter (reported in The Edge daily today)