TIME delivers 13.6% revenue growth in solid 9M 2019 results
By Digital News Asia December 3, 2019
- Work with partners in Thailand, Vietnam and Cambodia to tap on increasing demand
- Growth recorded across all core customer groups, led by wholesale and retail
For the nine month period ended 30 Sept 2019 (9M 2019), TIME dotCom Bhd (TIME) posted revenue of US$195.7 million (RM818.5 million), a 13.6% increase over the same corresponding period in 2018 when revenue was US$172.2 million (RM720.58 million). The increase in consolidated revenue was a result of higher recurring sales from data, data centre and voice businesses. All core customer groups also contributed to overall revenue growth, led by wholesale and retail customers.
Net profit rose to RM238.63 million from RM207.86 million in the same period last year while net profit for the third quarter ended Sept 30, 2019 rose to RM82.99 million, up from RM79.98 million in the same period last year.
[RM1 = US$0.24]
Consolidated pre-tax profit (pre-MFRS 16) stood at RM247.7 million,14.1.% higher than the consolidated RM217.1 million pre-tax profit recorded in 9M 2018. TIME attributed this to higher overall revenues and a higher share of profit from investment in associates.
TIME expects the competitive and challenging landscape of the Malaysian telecommunications industry to persist for the remainder of 2019 with liberalisation and improvement efforts being made through regulatory rebalancing. In line with this, it will continue to focus on strengthening and improving its domestic fibre network infrastructure while intensifying efforts to expand its coverage footprint.
“Service providers should be ready for new challenges brought on by the ongoing regulatory initiatives. We will continue to monitor these developments closely in order to form long term strategies that are beneficial to both the Group and the development of Malaysia into a digital nation,” said Afzal Abdul Rahim (pic), TIME’s Commander-in-Chief.
He adds that TIME will continue to work with its partners in Thailand, Vietnam and Cambodia to tap on increasing demand for cross border connectivity in the region and assess opportunities to develop its regional data centre business.