KUALA LUMPUR, Aug 21 — TIME dotCom Bhd (TIME) recorded a lower net profit of RM69.79 million in the second quarter (Q2) ended June 30, 2020 compared with RM92.50 million in the corresponding period last year.

Its revenue for the quarter under review increased to RM304.80 million from RM277.80 million previously due to the increase in data and data centre sales, which grew 4.1 per cent and 1.2 per cent quarter-on-quarter respectively.

In a filing with Bursa Malaysia, the company said all core customer groups also continued to show growth in recurring revenue led by wholesale and retail customer groups.

Meanwhile, TIME’s commander-in-chief Afzal Abdul Rahim in a separate statement said the group continues to focus on ensuring 100 per cent network availability and stability for its customers as Malaysia remains on guard against Covid-19.

"Owing to the longer term approach that we’ve always taken towards the business, we’ve been able to continue driving growth for first half (1H) 2020. Coverage expansion and service quality remain key priorities for the Group as we support our customers in an increasingly digital environment,” he said.

According to him, the economy is expected to face continued uncertainties and challenges arising from the pandemic even as the country remains focused on returning to normalcy.

"The impact of Covid-19 on the Group’s business has so far been modest and the impact has mostly been felt from the hospitality, tourism and aviation sectors.

"TIME 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,” he said.

Over the medium-term, he said the company continues to support the Malaysian government in its national telecommunications objectives by strengthening and improving existing domestic fibre network infrastructure while concurrently intensifying efforts to expand coverage footprint.

Additionally, he said the group would continue to work with its partners in Thailand and Vietnam to tap on the increasing demand for cross border connectivity across the Asean region.

In a bid to establish itself as a key regional data centre player and operator, Time has embarked on the construction of a new data centre in Bangkok, Thailand, built in partnership with its associate, Symphony Communications Public Company Limited, as well as a new wholly owned data centre in Cyberjaya.

"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,” Afzal added. — Bernama