TIME dotCom posts higher Q3 net profit of RM83m

TIME dotCom Bhd’s net profit rose in Q3 2019. — Picture courtesy of www.time.com.my
TIME dotCom Bhd’s net profit rose in Q3 2019. — Picture courtesy of www.time.com.my

KUALA LUMPUR, Nov 29 — TIME dotCom Bhd’s net profit rose to RM82.99 million for the third quarter (Q3) ended Sept 30, 2019, up from RM79.98 million in the same period last year.

The telecommunication services provider attributed the improvement to a higher consolidated revenue of RM278.16 million compared to RM250.0 million a year earlier, along with better interest income, a larger contribution from associates and a net write-back of construction deposit.

On the group revenue growth, TIME dotCom said it was mainly due to higher revenues generated from the data and voice businesses, which grew by 14.9 per cent (or RM29.6 million) and 2.6 per cent (RM500,000) year-on-year (y-o-y), respectively.

“All core customer groups also registered solid y-o-y revenue growth with the largest growth contributions coming from retail and wholesale customers,” it said in a filing with Bursa Malaysia today.

TIME dotCom adopted and applied the new MFRS 16 with effect from Jan 1, 2019. Analysis and comparisons to the previous year’s corresponding period were, however, done excluding the impact of MFRS 16 for better comparability purposes, said the company.

“This means that lease contracts that are still on-going as at Jan 1, 2019, will be accounted for as if they had been recognised in accordance with MFRS 16 at the commencement of contracts, but as the group has adopted the cumulative effect retrospective approach, their corresponding comparative figures will not be restated,” it added.

For the nine-month period ended Sept 30, 2019, TIME dotCom’s net profit advanced to RM238.63 million from RM207.86 million in the same period last year while revenue jumped to RM818.53 million versus RM720.58 million previously.

Moving forward, the company expected the competitive and challenging landscape of the Malaysian telecommunications industry would persist for the remainder of 2019 with liberalisation and improvement efforts being made through regulatory re-balancing.

In a separate statement, commander-in-chief Afzal Abdul Rahim said the company would continue to monitor these developments closely in order to form long-term strategies that were beneficial to both the group and the development of Malaysia into a digital nation.

“The group will continue to work with its partners in Thailand, Vietnam and Cambodia to tap on increasing demand for cross-border connectivity in the region, and assess opportunities to develop its regional data centre business,” he added. — Bernama

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