KUALA LUMPUR (May 20): Telekom Malaysia Bhd’s (TM) first-quarter net profit more than halved to RM152.52 million, from RM308.28 million a year earlier, due to lower contributions from its unifi Internet business and TM Wholesale division.

Earnings per share for the quarter ended March 31, 2020 (1QFY20) fell to 4.05 sen, from 8.2 sen previously, TM’s exchange filing showed.

Quarterly revenue fell 7.98% to RM2.56 billion, from RM2.78 billion, following a reduced contribution from voice services on lower usage, and a lower Internet services contribution due to the Streamyx downward price adjustment since September last year. 

Notably, the unifi Internet segment saw earnings before interest and taxes drop by more than 58% to RM84.1 million, from RM203.1 million last year, despite segment revenue falling by 8.4% to RM1.12 billion.

Both TM Wholesale and TM One (TM’s enterprise and public-sector business solutions arm) saw lower revenue. However, TM One contributed higher pre-tax earnings on lower operating cost. 

On its prospects this year, TM noted that there are many uncertainties as the Covd-19 crisis is still unfolding,  but said it is committed to maintaining business profitability, leveraging on new avenues at the onset of a “new normal” and adapting to new challenges.

“The group continues to monitor the current situation closely and will take appropriate actions accordingly to mitigate the impact of the pandemic on its businesses,” the group said.

TM’s share price closed 13 sen or 2.98% higher at RM4.49 today, valuing the group at RM16.91 billion.