Time dotCom net profit down 29pc for Q2

KUALA LUMPUR: Time dotCom Bhd’s net profit fell 29 per cent to RM69.79 million in the second quarter (Q2) ended June 30, 2020, from RM97.96 million in the same quarter last year.

However, revenue increased by 3.7 per cent to RM304.8 million from RM293.95 million previously, attributed from recurring revenue from data, data centre and voice which grew 11.7 per cent, 7.2 per cent and 0.4 per cent, respectively.

All core customer groups also contributed to revenue growth, led by the Retail and Wholesale customer groups,” Time dotCom said in a filing with Bursa Malaysia today.

For the first half (1H) ended June 30, 2020, Time dotCom’s revenue increased 10.8 per cent to RM598.8 million from RM540.4 million in the 1H last year due to the higher sales across all core product segments.

Time dotCom chief executive officer Afzal Abdul Rahim said the company was able to continue driving growth in 1H owing to the longer-term approach undertaken by the company towards the business.

“Coverage expansion and service quality remain key priorities for the group as we support our customers in an increasingly digital environment,” said Afzal.

On the outlook, the impact of Covid-19 on the group’s business has so far been modest as compared to the hospitality, tourism and aviation sectors.

The group remains vigilant and continues to closely monitor any changes and developments related to the Covid-19 pandemic.

“The group is focused on adopting pro-active measures to safeguard all its employees while minimising potential disruptions to its operations.

“Over the medium-term, the group continues to support the government in its national telecommunications objectives by strengthening and improving its existing domestic fibre network infrastructure as it concurrently intensifies efforts to expand its coverage footprint,” it said.

On the regional front, the group said it will continue working with its partners in Thailand and Vietnam to tap on the increasing demand for cross border connectivity across the Asean region.

The company has embarked on the construction of a new data centre in Bangkok, Thailand, built in partnership with its associate Symphony Communications Public Company Ltd, apart from a new wholly-owned data centre in Cyberjaya, Malaysia.

Both data centres are expected to be operational by the end of the year and will serve to ensure continued future revenue growth and benefit the group strategically in the longer term.

Source: NST