KUALA LUMPUR (Aug 27): Telekom Malaysia Bhd's (TM) share price rose as much as 40 sen or 10.55% to nearly a two-month high of RM4.19 in afternoon trade following news of the group’s net profit soaring 141% year-on-year to RM274.75 million for the second quarter ended June 30, 2020 (2QFY20).
At the time of writing, TM shares were at RM4.10 and the counter was among Bursa Malaysia's top gainers. The stock saw 12.43 million shares traded. At the opening bell, TM opened one sen or 0.26% higher at RM3.80, compared to yesterday’ closing price of RM3.79.
In a filing with Bursa Malaysia today, TM said its 2QFY20 earnings of RM274.75 million were higher versus RM114.18 million in the corresponding quarter last year on lower operating and net finance cost as the company contended with the impact of Malaysia's Movement Control Order (MCO) to curb the spread of the Covid-19 pandemic.
This was despite revenue decreasing to RM2.59 billion in 2QFY20 from RM2.77 billion a year ago following TM's Internet service Streamyx's price adjustments last year and amid restricted economic activities during the MCO.
For 1HFY20, TM said cumulative net profit rose to RM427.27 million from RM422.46 million a year earlier although revenue was down at RM5.15 billion versus RM5.55 billion.
TM declared an interim single tier dividend of 6.8 sen per share.
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Edited by Joyce Goh