KUALA LUMPUR: Time dotCom Bhd increased its first-quarter net profit by 55% to RM97.96 mil amid a higher revenue and a net gain on foreign exchange (forex) of RM27.1 mil against a RM10.9 mil forex loss a year earlier.
Revenue for the quarter ended March 31, 2020, rose 12% year-on-year to RM293.94 mil driven by higher revenue across all core products and customer groups, it said in a filing with Bursa Malaysia today.
The telecommunication company said consolidated profit before tax for the quarter almost doubled to RM125.55 mil from RM67.05 mil in 1Q19 due to the higher overall revenue growth, a large net forex gain, lower interest expense and a higher share of profit from associates.
On prospects, Time dotCom said it was too early to determine the full impact of the Covid-19 pandemic and the Movement Control Order on the company, but its immediate and ongoing priorities were to safeguard the health of all its employees and to ensure 100% network availability and stability in these challenging times.
It said in the medium term, the company would continue to focus on supporting the government in achieving its national telecommunication objectives by strengthening and expanding the company’s domestic fibre network infrastructure.
On the regional front, Time dotCom said it would continue to work with its partners in Thailand, Vietnam and Cambodia to tap on increasing demand for cross-border connectivity across the Asean region.
It said the company would 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.
“The remainder of 2020 will be a challenging one, not just for our industry but also for the global economy at large.
“Thankfully, we enter this period with a robust operational framework and a solid balance sheet. This should help us weather the rest of the year as we adapt to the challenges posed by Covid-19,” commander-in-chief Afzal Abdul Rahim said. May 28, 2020, Bernama
