- Consolidated Group revenue grew 10.6% year-on-year to RM468.8 million in 1H 2018
- Pre-tax profit grew to RM123.2 million
- Data and data centre revenue leads with growth across all core customer groups
Shah Alam, 28 August 2018 – TIME dotCom Berhad (“TIME” or “the Group”) posted its 1H 2018 financial results today with a consolidated revenue growth of 10.6% year-on-year (1H 2018: RM468.8 million | 1H 2017: RM423.7 million). Pre-tax profit grew to RM123.2 million from the RM93.4 million recorded for the preceding year.
The increase in recurring revenue in 1H 2018 was mainly due to higher sales recorded from the data and data centre businesses, which grew RM72.4 million and RM5.6 million, respectively. Growth was recorded across all core customer groups, led by the Group’s Retail customers owing to continued demand for its TIME Fibre Home Broadband services.
Pre-tax profit growth can be attributed to higher overall revenues, improved cost efficiencies and a higher share of profit from investment in associates.
“The growth in 1H 2018 is encouraging but we are also mindful of the changing landscape and increasing level of competition in the market,” said Afzal Abdul Rahim, Commander-in-Chief.
The Group expects the industry to remain challenging for the second half of 2018. It will continue to improve its existing domestic fibre network while also placing emphasis on coverage footprint expansion in the country.
On the regional front, the Group will work with its associates in Thailand and Vietnam to connect Malaysia, Singapore, Myanmar, Cambodia and Laos. The Group will also explore opportunities to expand its data centre market presence regionally and grow its current ecosystem to include interconnected players from various industries.
Note: Analysis and comparisons have been made excluding the impact of MFRS 15 for better comparability purposes.
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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