KUALA LUMPUR (Aug 27): TIME dotCom Bhd’s net profit jumped 42% to RM92.5 million for the second financial quarter ended June 30, 2019, from RM64.94 million in the previous year’s corresponding quarter.

The group’s quarterly revenue grew 16% to RM277.82 million from RM239.85 million a year earlier, which was attributed to higher sales across all core product segments.

“All core customer groups also contributed to overall revenue growth, led by wholesale and retail customers,” said TIME in a statement.

The higher revenues, along with improved cost efficiencies and a higher share of profit from investment in associates had contributed to the higher profit for the quarter under review, it said.

Net profit for the first half of the financial year expanded 22% to RM155.63 million from RM127.88 million in the previous year, while cumulative revenue rose 15% to RM540.37 million from RM470.58 million.

Looking ahead, the group said the telecommunications industry landscape in Malaysia will remain challenging in 2019 amid the ongoing liberalisation efforts through reforms and potential consolidation of key operators.

However, the group is of the view that opportunities will arise alongside any change in the industry.

“Access to Southeast Asian markets is still in high demand. In addition to connectivity, we are also assessing opportunities to establish ourselves as a regional data centre player in line with our strategy for business sustainability,” said TIME commander-in-chief Afzal Abdul Rahim in a statement.

Its share price gained two sen to close at RM8.90, giving it a market capitalisation of RM5.21 billion.