TIME reports consolidated 9M 2017 revenue growth of 14.9%
By Digital News Asia November 28, 2017
- Revenue up 14.9% year-on-year to RM626.7 million
- Pre-tax profit for 9M 2017 stood at RM135.9 million
TIME dotCom Bhd reported a consolidated revenue of RM626.7 million for the nine months ended Sept 30, 2017 (9M 2017), which represents a 14.9% or RM81.4 million year-on-year (y-o-y) increment (9M 2016: RM545.4 million).
Revenue growth was driven by higher recurring sales recorded from its data (+15.3% y-o-y) and data centre (+24.4% y-o-y) product segments, offset by a 5.9% decline in voice revenues.
The group also benefited from one-off revenues in the period under review, excluding which, it would have registered a growth of 13.7% when compared to similarly adjusted revenues from a year earlier.
Pre-tax profit for 9M 2017 stood at RM135.9 million (9M 2016: RM298.3 million). Included in last year’s pre-tax profit was the realisation of a RM157.4 million fair value gain arising from the group’s disposal of its shares in Digi.Com Bhd.
Excluding this and other smaller one-off items, pre-tax profit grew marginally despite, among others, higher net forex losses and depreciation charges in the period.
“We are feeling the pressure of increased competition but believe that the strategies we have in place will help sustain our medium-term growth,” said TIME commander-in-chief Afzal Abdul Rahim.
The group looks forward to working closely with its Thai counterparts in Symphony Communication Public Company Limited to tap into the potential of the strategic investment, including creating a seamless network across Indochina and Malaysia. Time has now completed its 38.75% strategic investment in Symphony Communication.
The telecommunications industry will remain competitive and challenging as pressure persists on traditional revenue streams and telecommunication service offerings become more commoditised.
TIME expects to face these challenges by intensifying efforts to extend its coverage footprint, deliver a fast, reliable and unparalleled quality network experience, and unlock more potential from its TIME Fibre Home Broadband offerings for which demand continues to be encouraging.