- Revenue growth recorded across all core customer groups, led by Retail
Shah Alam, 28 February 2019 – TIME dotCom Berhad (“TIME” or “the Group”) recorded a consolidated Group revenue of RM983.4 million for the financial year ended 31 December 2018 (“FY2018”).
The Group posted a pre-tax profit of RM304.8 million in FY2018 (Pre-MFRS FY2017: RM193.1 million), which can be attributed to higher overall revenues, cost control, net gain on foreign exchange and a higher share of profit from investments in associates.
Afzal Abdul Rahim, TIME’s Commander-in-Chief said, “We’re pleased that TIME was able to sustain its competitive positioning despite the challenging market landscape in 2018.”
The industry is expected to remain competitive in 2019. The Group will continue to support the growing movement to provide better broadband connectivity, as proven with the launch of its refreshed TIME Fibre Home Broadband plans in Q4 2018 that introduced 1Gbps speeds to Malaysia. This strategic move has helped the Group to maintain its speed and price leadership position and will help to gain further market share in the longer term.
The Group will continue to work with its regional partners in Thailand and Vietnam to create a seamless telecommunications network and be on the lookout for opportunities to expand its Data Centre market presence in the region.
For the financial year under review, TIME declared an interim ordinary (single tier) dividend of 9.25 sen per ordinary share and a special interim (single tier) dividend of 11.31 sen per ordinary share, which will be paid out on 29 March 2019.
This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (TIME) management with respect to future events. The words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “plan”, “project”, “should” and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond TIME’s control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. TIME does not intend or assume any obligation to update these forward-looking statements.
TIME is a telecommunications provider that delivers domestic and global connectivity, data centre and managed services to customers across ASEAN. Powering TIME’s businesses are its fibre optic network assets that span Malaysia, Singapore, Thailand and Vietnam – countries in which it has an established operational presence. TIME’s network extends beyond the region via its stakes in Unity, Faster, Asia Pacific Gateway (APG) and Asia-Africa-Europe-1 (AAE-1) subsea cable systems that cover two thirds of the globe. TIME is headquartered in Kuala Lumpur. Visit http://www.time.com.my for more information. TIMECOM.
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