KUALA LUMPUR: TIME Dotcom Bhd’s share price surged to a high of RM1.50 in Thursday afternoon trade as investors continued to be upbeat on the telco after it posted a strong set of first quarter earnings.
At 3.41pm, it was up 22 sen to RM11.40 with 1.23 million shares done.
The FBM KLCI climbed 2.99 points or 0.21% to 1,454.72. Turnover was 5.23 billion shares valued at RM3.77bil. The broader market was weaker and decliners beat advancers 651 to 344 while 311 counters were unchanged.
Its net profit jumped 55% to RM97.96mil in the first quarter ended March 31,2020 from RM63.13mil a year ago.
Its revenue increased by 11.9% to RM293.95mil from RM262.54mil due to higher overall revenue growth seen across all core product and customer groups.
The profit before tax of RM125.60mil 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.
However, its commander-in-chief Afzal Abdul Rahim cautioned that despite the strong earnings growth, he cautioned that remainder of 2020 will be a challenging one, not just for its industry, but for the global economy at large.