TIME ticks on with resilient growth for first quarter 2021
By Digital News Asia May 31, 2021
- Records consolidated group revenue of US$79.90mil
- 12.7% YoY growth attributed to data centre, data product groups
TIME dotCom Berhad announced a consolidated group revenue of US$79.90 million (RM331.3 million) for the quarter ending March 31 . The 12.7% year-on-year revenue growth was mainly attributed to higher revenue from the data centre and data product groups, the company said in a statement.
[RM1 = US$0.241]
The Internet provider’s consolidated profit-before-tax (PBT) eased RM0.2 million or 0.1%, to RM125.4 million for the period under review when compared to the RM125.6 million recorded for the same three month period in 2020.
The company said this was primarily the result of a lower net gain on foreign exchange of RM8.3 million in the quarter, as compared to RM27.1 million in the prior year period.
“We remain cautious and vigilant of the challenges that will continue as a result of the protracted Covid-19 pandemic despite the steady operational and financial results the group has delivered,” said Afzal Abdul Rahim, Time's chief executive officer (CEO).
“We will continue to prioritise network availability and stability for our customers throughout this difficult period, where remote working and learning are an ever-growing part of our daily lives.”
Time said it would continue to monitor the impact of the pandemic on the larger economy as it strengthens and improves its existing network infrastructure and expands its coverage footprint towards its “goal of providing a quality network experience and ensuring network availability for its customers”.
Beyond that, the telco provider is further expanding its solutions and services to its customers, it said.
This includes an acquisition of a 60% stake for US$13.32 million (RM58.7 million) in cloud computing provider AVM Cloud and the upcoming completion of its data centre in Cyberjaya.
Both efforts is aimed at strengthening its strategic position in the cloud and data centre segments to support the group’s long-term growth, it said.
TIME reiterated their continuing support of the Malaysian government in achieving its national telecommunications and digital economy objectives.
Its aims is also to bridge the digital divide and transform the country into a regional leader in the digital economy under the Jendela and MyDigital initiatives.
Regionally, TIME continues to leverage on the increasing demand for cross-border connectivity as it works with its partners in Thailand, Vietnam, and Cambodia. The group said it continues its growth aspirations as a key regional data centre player and operator.
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