KUALA LUMPUR (Aug 28): TIME dotCom Bhd’s net profit jumped 81% to RM64.94 million in the second quarter ended June 30, 2018 (2QFY18) from RM35.88 million a year ago, on higher overall revenues on the back of improved cost efficiencies.

The group also recognised a net gain on foreign exchange (forex) of RM4.7 million in 2QFY18 compared with a net loss on forex of RM8.9 million recorded in 2QFY17.

This resulted in a higher earnings per share of 11.17 sen for 2QFY18 compared with 6.2 sen for 2QFY17. Quarterly operating revenue rose 16.8% to RM239.85 million from RM205.32 million a year ago.

For the cumulative six months (1HFY18), the group's net profit increased 43.8% to RM127.88 million from RM88.93 million a year ago, while operating revenue grew 11% to RM470.58 million from RM423.74 million in 1HFY17.

“The growth in 1HFY18 is encouraging, but we are also mindful of the changing landscape and increasing level of competition in the market,” said TIME dotCom commander-in-chief Afzal Abdul Rahim in a statement today.

On prospects, the group expects the telecommunications industry to remain challenging for the second half of 2018.

TIME dotCom said it will continue to improve its existing domestic fibre network while also placing emphasis on coverage footprint expansion in the country.

"On the regional front, the group will work with its associates in Thailand and Vietnam to connect Malaysia, Singapore, Myanmar, Cambodia and Laos. The group will also explore opportunities to expand its data centre market presence regionally and grow its current ecosystem to include interconnected players from various industries," it added.

TIME dotCom shares closed up 10 sen or 1.24% at RM8.16 today, for a market capitalisation of RM4.76 billion.