Time dotCom records 2Q net profit of RM69.79mil

KUALA LUMPUR: TIME Dotcom Bhd recorded a 24.56% drop in net profit to RM69.79mil for the second quarter ended June 30, 2020, as compared to RM92.5mil in the previous corresponding quarter.

Pre-tax profit however was 1.6% higher year-on-year to RM97.9mil as compared to RM96.4mil previously on the back of higher revenue growth, lower depreciation charges and lower interest expense.

In a filing with Bursa Malaysia, the telco said the earnings were partially offset by a net loss on foreign exchange, a write-off of property, plant and equipment and an increase in staff-related costs.

Revenue for the quarter rose to RM304.8mil versus RM277.82mil in the comparative quarter on the back of higher recurring data revenue, which grew 11.4%, and data centre revenue, which grew 6.2%.

All core customer groups also registered solid year-on-year recurring revenue growth with the largest growth contributions seen coming from retail and wholesale customers, Time said.

For the first half of the year, Time's net profit was RM167.75mil, or 7.78% higher than RM155.65mil posted in the same period last year. Revenue in the six months period was also improved at RM598.75mil as compared to RM540.36mil previously.

Moving forward, the group said its two new data centres in Bangkok and Cyberjaya should be operational by year end and are expected to ensure future revenue growth and benefit the group strategically in the longer term.

“Owing to the longer term approach that we’ve always taken towards the business, we’ve been able to continue driving growth for 1H 2020.

"Coverage expansion and service quality remain key priorities for the Group as we support our customers in an increasingly digital environment,” said Afzal Abdul Rahim, Time’s Commander-in-Chief.

At the lunch break, shares in Time were trading 20 sen or 1.85% higher at RM11 apiece on the back of 470,600 units traded.
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Time dotCom , Afzal Abdul Rahim


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