Time dotCom net profit higher at RM97.96mil

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.

It said in a statement yesterday that 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 RM125.6mil. 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 to help us weather through the rest of the year, ” said its commander-in-chief Afzal Abdul Rahim.

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