TIME notches US$223.3mil revenue in 9M 2020, 11% increase over corresponding 2019 period
By Digital News Asia November 26, 2020
- 11% Y-o-Y revenue recorded across all core product & core customer groups
- Consolidated PBT grew to US$77mil, 100% network availability a key priority
TIME dotCom Bhd has announced its financial results for the nine-month period ended 30 September 2020 (9M 2020) with a consolidated Group revenue of US$223.3 million (RM908.3 million), an 11% increase over the corresponding period in 2019 owing to increased revenue growth across all core product and customer groups.
The group also posted a consolidated profit before tax of US$77.1 million (RM313.8 million) for the current nine month period under review, which is RM65.6 million higher than the consolidated profit before tax recorded in 9M 2019 of RM248.2 million. This was driven by higher overall revenue growth, lower interest expense and a higher share of profit from associates.
[RM1 = US$0.24]
“The group remains vigilant of the external factors impacting the business and the telecommunications industry. Our strategy of focusing on our fundamental areas of strength has aided us in adapting to the various challenges posed by the changing market landscape in 2020,” said Afzal Abdul Rahim (pic), TIME’s Commander-in-Chief.
The remainder of 2020 will remain challenging as the economy continues to face uncertainties arising from the Covid-19 pandemic. While impact on TIME’s business has been relatively modest, the group will continue to monitor for any changes or developments and stay prepared to take pro-active measures in order to continue protecting and safeguarding its employees, while minimising any potential disruptions to its business.
TIME continues to prioritise 100% network availability and stability in supporting the shift in usage behaviour to working and learning from home as well as the accelerated adoption of digital initiatives. Over the medium-term, the group is also fully committed to supporting the nation’s aspirations to developing the nation’s digital economy, which include delivering seamless digital connectivity and elevating quality of experience for Malaysians under the JENDELA initiative.
On the regional front, increasing demand for cross-border connectivity across ASEAN is an opportunity that TIME will continue to work with its partners in Thailand, Vietnam and Cambodia to tap. The group is also on track to establish itself as a key regional data centre player with both its new data centres in Thailand and Cyberjaya expected to be operational before the end of the year, ensuring longer term strategic benefits and continued future growth of the Group.