Time dotCom records 1Q net profit of RM97.9m

Time’s commander-in-chief Afzal Abdul Rahim said “The remainder of 2020 will be a challenging one, not just for our industry, but for the global economy at large."

KUALA LUMPUR: TIME Dotcom Bhd’s net profit jumped 55% to RM97.96mil in the first quarter ended March 31,2020 from RM63.13mil a year ago.

In a statement issued on Thursday, it said its revenue increased by 11.9% to RM293.95mil from RM262.54mil. Earnings per share were 16.73 sen compared with 10.82 sen.

It said the higher revenue was driven by higher overall revenue growth seen across all core product and customer groups.

Profit before tax was RM125.60mil. This was driven by higher overall revenue growth, a large net gain on foreign exchange, lower interest expense and a higher share of profit from associates.

“The remainder of 2020 will be a challenging one, not just for our industry, but 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 through the rest of the year as we adapt to the challenges posed by Covid-19, ” said its commander-in-chief Afzal Abdul Rahim.

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