KUALA LUMPUR: TIME dotCom Bhd posted a higher net profit of RM314.04 mil for the financial year ended Dec 31, 2019 (FY19) from RM288.67 mil previously.
In an exchange filing today, it said revenue increased to RM1.11 bil from RM983.43 mil earlier, mainly due to higher sales recorded from voice, data and data centre businesses, which grew RM3.5 mil, RM128.0 mil and RM3 mil year-on-year, respectively.
The telecommunications provider said the improved earnings were attributable to higher overall revenues, higher share of profit from investment in associates of RM14.7 mil from RM11.8 mil in FY18, net recovery of construction deposit of RM700,000 compared to net impairment of RM1.8 mil in FY18, as well as higher interest income by RM700,000 in FY19.
“All core customer groups also contributed positively to the overall revenue growth in FY19, led by contributions from wholesale and retail customers,” it said.
In a separate statement, commander-in-chief Afzal Abdul Rahim said 2019 was another challenging year for the industry.
“However, by staying focused, we were able to deliver yet another year of healthy numbers to our shareholders,” he added.
Moving forward, TIME said the group would remain steadfast in its strategy to face the rapidly evolving telecommunications environment, and would continue to strengthen and improve its existing domestic fibre network infrastructure while intensifying efforts to expand its coverage footprint throughout the country.
“On the regional front, the group will continue working with its partners in Thailand, Vietnam and Cambodia to tap into the increasing demand for cross-border connectivity across the Asean region.
“The group will also assess opportunities to further establish itself as a key regional data centre player and operator with the intention to unlock the long-term potential of its data centre business,” it added.
For the financial year under review, TIME declared an ordinary interim and a special interim tax exempt (single tier) dividend of 9.95 sen and 19.08 sen per share, respectively, payable on March 31. – Feb 28, 2020, Bernama
