Time Dotcom 1Q net profit slips to RM110.67mil

Time commander-in-chief Afzal Abdul Rahim

KUALA LUMPUR: TIME Dotcom Bhd's net profit slipped to RM110.67 million in the first quarter ended March 31, 2024 (1Q 2024) from RM114.51 million in the same period last year, dragged by higher personnel costs, depreciation for property, plant and equipment, as well as lower net foreign exchange gain.

Revenue, however, jumped to RM417.76 million from RM368.42 million previously, supported by growth in all customer groups, with the largest contributed by the enterprise, followed by retail and wholesale customers, the telecommunications service provider said in a filing with Bursa Malaysia today.

Time Dotcom said moving forward, it will continue to actively refine its strategies and invest in core businesses to strengthen the value proposition of the said businesses to remain competitive across the retail, enterprise and wholesale segments.

"The group also continues to work towards further embedding environmental, social and governance (ESG) as part of its long-term sustainability strategy," it said in a separate statement.

Meanwhile, commander-in-chief Afzal Abdul Rahim said the group will continue its network coverage expansion for the mid to long term.

"We will also double our efforts to deliver the best possible service experience to our customers and continue to fine-tune our strategies as we evolve to meet market demands,” he said. - Bernama

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