TIME posts 20.9% revenue growth on data and data centre demand
By Digital News Asia August 28, 2017
- Core pre-tax profit of RM93.4 million, up 23.3% from RM75.8 million in 1H 2016
- Completion of proposed investment in SYMC in Thailand expected by year-end
TIME dotCom Bhd reported a positive first half ended June 30, 2017 (1H 2017) on the back of growth across its data and data centre product segments.
Revenue for the group rose 20.9% year-on-year (1H 2017: RM423.7 million | 1H 2016: RM350.6 million) as data and data centre sales improved by 23.4% and 27.3%, respectively.
After excluding non-recurring items from the current and previous corresponding period, TIME posted a 13.9% year-on-year increment in revenue, as demand from its enterprise and retail customers continued to be encouraging.
TIME also registered a core pre-tax profit of RM93.4 million, 23.3% higher than the RM75.8 million earned in 1H 2016, despite higher depreciation charges, maintenance costs and forex losses in the period under review.
Pre-tax profit improvement is mainly attributable to higher sales contributions, interest income and share of profits from equity accounted investments.
“We are pleased with our results,” said Afzal Abdul Rahim, TIME’s commander-in-chief. “We are, however, also cautious about the increasing level of competition in many of our markets,” he added.
“So we’re working twice as hard to stay ahead of the curve and be able to sustain this momentum.”
Outlook for the rest of the year
The group looks forward to the completion of its proposed investment in Thailand’s Symphony Communication Public Company Limited (SYMC) by the end of 2017.
SYMC’s network can be linked with TIME’s in Malaysia to extend the Group’s terrestrial network reach across Thailand, with the prospect of extending into Myanmar, Cambodia and Laos.
Further, the group anticipates the full completion and operational commencement of the Asia-Africa-Europe-1 (AAE-1) subsea cable system by the end of 2017.
Combined with its existing subsea cable investments, the group will be able to connect and explore new markets and opportunities in almost 30 countries across the globe.
TIME will also continue to leverage on its existing strengths to gain more market share both domestically and regionally.
Closer to home, the group will intensify its efforts to extend the network coverage footprint while further tapping into the potential of its TIME Fibre Home Broadband offerings.