Time dotCom reports higher Q1 sales, focus is on cloud and data segments 

KUALA LUMPUR: TIME Dotcom Bhd reported higher sales in the first quarter, boosted by its data centre and data product groups. but net profit declined due to lower forex net gain.

Time dotCom has recently purchased a 60% stake in AVM Cloud and is completing its data centre in Cyberjaya soon, strengthening the Group’s strategic position in the cloud and data centre segments to support long-term growth.

“We remain cautious and vigilant of the challenges that will continue as a result of the protracted Covid-19 pandemic despite the steady operational and financial results the Group has delivered," TIME’s Commander-in-Chief Afzal Abdul Rahim said in a statement today.

"We will continue to prioritise network availability and stability for our customers throughout this difficult period, where remote working and learning are an ever-growing part of our daily lives,” he said.

Revenue in the three-month ended March 31 rose 12.7% to RM331.3mil.

The Group’s consolidated profit before tax eased RM0.2mil, or 0.1%, to RM125.4mil, while net profit fell 6.7% to RM91.4mil, or 15.12 sen a share.

"This was primarily the result of a lower net gain on foreign exchange of RM8.3mil in the quarter, as compared to RM27.1mil in the prior year period," it said.

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