- Pre-tax profit up by 18.8% year-on-year to RM66.0 million
- Recurring revenues from data and data centre businesses grew 23.2% and 10.2% year-on-year, respectively
- Consolidated Group revenue grew by 5.6% year-on-year to RM230.7 million
Shah Alam, 31 May 2018 – TIME dotCom Berhad (“TIME” or “the Group”) announced its financial results for the quarter ended 31 March 2018 that saw a pre-tax profit growth of 18.8% (Q1 2018: RM66.0 million | Q1 2017: RM55.5 million) year-on-year. The Group also saw a revenue growth of 5.6% year-on-year from RM218.4 million to RM230.7 million.
Excluding the impact of MFRS 15 for better comparability purposes, the Group would have seen a pre-tax profit increase of 6.4% relative to the same period of the preceding year, on the back of improved cost efficiencies and higher share of profit from investment in associates.
Recurring data and data centre revenues grew RM33.5 million or 23.2% year-on-year and RM2.7 million or 10.2% year-on-year, respectively.
The Group saw growth across its core customer groups, particularly from its retail customers with continued demand for its TIME Fibre Home Broadband service from home users. The Group’s enterprise and wholesale customers also contributed to the higher revenues seen in the first quarter of 2018.
“We are pleased to have delivered sustained growth despite the challenging market landscape and will continue to look for opportunities to grow our business, both locally and regionally,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.
The Group will continue to strengthen its domestic fibre network while it intensifies efforts to extend its coverage footprint domestically. The focus will remain on the consumer market with the encouraging demand that the Group is seeing for its TIME Fibre Home Broadband offerings.
Regionally, the Group plans to work closely with its associates in Thailand and Vietnam to strengthen the sustainability of both its domestic and regional operations. In particular, the Group looks forward to working with its partner, Symphony Communication Public Company Limited (SYMC) in Thailand that owns a terrestrial fibre network with cross border capabilities to connect Malaysia, Myanmar, Cambodia and Laos.
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 with businesses spanning Fixed Line, Data Centres and Global Networks. The Company is primarily focused on the Wholesale and Enterprise segments, providing Data and Internet connectivity to customers across ASEAN. TIME is headquartered in Kuala Lumpur. Visit http://www.time.com.my for more information. TIMECOM.
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