TIME shrugs off Covid-19 to chart 12% revenue growth in Q1 2020
By Digital News Asia May 29, 2020
- Consolidated Group revenue grew 12% year-on-year
- Growth recorded across all core product & core customer groups
TIME dotCom Bhd recorded consolidated group revenue of RM293.9 million for the quarter ended 31 March 2020. The 12% increase compared to the same period in 2019 was driven by higher overall revenue growth seen across all core product and customer groups.
A current quarter consolidated profit before tax of RM125.6 million was recorded. This was driven by higher overall revenue growth, a large net gain on foreign exchange, lower interest expense and a higher share of profit from associates.
“The remainder of 2020 will be a challenging one, not just for our industry, but for the global economy at large. Thankfully, we enter this period with a robust operational framework and a solid balance sheet. This should help us weather through the rest of the year as we adapt to the challenges posed by Covid-19,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.
The first quarter of 2020 saw the enforcement of the Movement Control Order (MCO) in Malaysia as a measure to combat the spread of Covid-19. The MCO has been in place since 18 March with a profound impact on consumers and businesses across the country. As an “essential service”, the Group has continued to operate throughout this period. It contends that it is too early to determine the full impact that Covid-19 and the MCO will have on the Group.
The immediate and ongoing priorities are to safeguard the health of all its employees and to ensure 100% network availability and stability through these challenging times. In the medium-term, the Group will continue to focus on supporting the Malaysian government achieve its national telecommunications objectives by strengthening and expanding its existing domestic fibre network infrastructure.
On the regional front, the Group plans to continue working with its partners in Thailand, Vietnam and Cambodia to tap on increasing demand for cross border connectivity across the ASEAN region. With its eye on the data centre business, the Group is assessing opportunities to further establish itself as a key regional data centre player and operator with the intention to unlock the long-term potential of its data centre business.