KUALA LUMPUR: TIME Dotcom Bhd recorded a 24.56% drop in net profit to RM69.79mil for the second quarter ended June 30,2020, compared with RM92.5mil in the previous corresponding quarter.
Pre-tax profit, however, was 1.6% higher year-on-year to RM97.9mil 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 yesterday, 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 the RM155.65mil posted in the same period last year. Revenue in the six months period also improved to RM598.75mil 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 for the business, we’ve been able to continue driving growth for the first half of 2020.
“Coverage expansion and service quality remain priorities for the group as we support our customers in an increasingly digital environment, ” said Afzal Abdul Rahim, Time’s commander-in-chief.
Did you find this article insightful?
100% readers found this article insightful