- Consolidated Group revenue grew 11% year-on-year
- Revenue growth recorded across all core product and core customer groups
- Consolidated profit before tax grew to RM313.8 million
Shah Alam, 26 November 2020 – TIME dotCom Berhad (“TIME” or “the Group”) has announced its financial results for the nine-month period ended 30 September 2020 (9M 2020) with a consolidated Group revenue of RM908.3 million, an 11% increase over the same period of the preceding year owing to increased revenue growth across all core product and customer groups.
The Group also posted a consolidated profit before tax of RM313.8 million for the current 9M period under review, which is RM65.6 million higher than the consolidated profit before tax recorded in 9M 2019 of RM248.2 million. This was driven by higher overall revenue growth, lower interest expense and a higher share of profit from associates.
“The Group remains vigilant of the external factors impacting the business and the telecommunications industry. Our strategy of focusing on our fundamental areas of strength has aided us in adapting to the various challenges posed by the changing market landscape in 2020,” said Afzal Abdul Rahim, TIME’s Commander-in-Chief.
The remainder of 2020 will remain challenging as the economy continues to face uncertainties arising from the COVID-19 pandemic. While impact on the Group’s business has been relatively modest, the Group will continue to monitor for any changes or developments and stay prepared to take any pro-active measures in order to continue protecting and safeguarding its employees, while minimising any potential disruptions to its business.
The Group continues to prioritise 100% network availability and stability in supporting the shift in usage behaviour to working and learning from home as well as the accelerated adoption of digital initiatives. Over the medium-term, the Group is also fully committed to supporting the nation’s aspirations to developing the nation’s digital economy, which include delivering seamless digital connectivity and elevating quality of experience for Malaysians under the JENDELA initiative.
On the regional front, increasing demand for cross-border connectivity across ASEAN is an opportunity that the Group will continue to work with its partners in Thailand, Vietnam and Cambodia to tap. The Group is also on track to establish itself as a key regional data centre player with both its new data centres in Thailand and Cyberjaya expected to be operational before the end of the year, ensuring longer term strategic benefits and continued future growth of the Group.
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, Vietnam and Cambodia – countries in which it has an established operational presence. TIME’s network extends beyond the region to deliver international connectivity via its stakes in the UNITY, FASTER, Asia Pacific Gateway (APG) and Asia-Africa-Europe-1 (AAE-1) subsea cable systems. TIME is headquartered in Shah Alam. Visit http://www.time.com.my for more information.
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