Time dotCom 3Q net profit rises as revenue improves

Time dotCom 3Q net profit rises as revenue improves
-A +A

KUALA LUMPUR (Nov 29): TIME dotCom Bhd’s third quarter net profit grew 3.77% to RM82.99 million or 14.19 sen per share, from RM79.98 million or 13.71 sen per share a year earlier, on the back of higher revenue.

The telecommunication company also attributed the higher earnings in the quarter ended Sept 30, 2019 to a rise in interest income to RM2.5 million from RM1.8 million previously, a net write back of construction deposit of RM700,000 and an increase in share of profit from investment in associates to RM4.1 million from RM2.9 million.

Quarterly revenue was up 11.27% to RM278.16 million from RM250 million, mainly due to higher revenue generated from the data and voice businesses, the group said in a filing with Bursa Malaysia.

For the cumulative nine-month period, net profit rose 14.8% to RM238.63 million or 40.86 sen a share from RM207.86 million or 35.71 sen a share last year, while revenue increased 13.59% to RM818.53 million from RM720.58 million.

TIME dotCom said it will continue to focus on strengthening and improving its existing domestic fibre network infrastructure, whilst concurrently intensifying efforts to expand its coverage footprint throughout the country.

On the regional front, TIME dotCom said the group will continue to work with its partners in Thailand, Vietnam and Cambodia to focus on tapping the increasing demand for cross border connectivity across the region.

It will also be assessing opportunities to further establish itself as a key regional data centre player and operator and unlocking the long-term potential of its data centre business, as well as building of new data centres, entering into joint ventures and/or acquiring new assets in Malaysia as well as within the Asean region.

“These opportunities may initially be capital intensive with funding expected to come from a combination of internal funds as well as external borrowings,” said TIME dotCom.

Shares of Time dotCom closed unchanged at RM9.10 today, valuing the group at RM5.33 billion.