KUALA LUMPUR: TIME dotCom Bhd’s net profit soared to RM79.98 million in the third quarter (Q3) ended Sept 30, 2018, from RM28.23 million in the year-ago period as it boosted its revenue on improved cost efficiencies and made a net gain on foreign exchange (forex).
Revenue for the quarter under review rose 23.2 per cent to RM250.0 million.
Excluding one-off revenues of RM19.4 million from non-recurring contracts, TIME attributed the higher revenue mainly to higher sales from the data and data centre businesses, which grew 26.3 per cent and 20.0 per cent year-on-year, respectively.
It also chalked up a net forex gain of RM9.1 million in the quarter compared with a net forex loss of RM6.1 million a year earlier, it said in a filing with Bursa Malaysia today.
At the same time, allowance for doubtful debts fell by RM0.9 million and its share of profit from investment in associates was higher at RM2.9 million (Q3 2017: RM2.1 million).
“We are pleased that we have been able to sustain our growth and will continue to keep an eye on the changes in the domestic telecommunications industry,” TIME Commander-in-Chief, Afzal Abdul Rahim, said in a statement.
The group, however, expects the industry to remain challenging for the remainder of 2018 as market players adjust their pricing to remain competitive.
TIME said the strategies that had been put in place were expected to grow its market share over the long term, with improvement and expansion of its domestic fibre network footprint continuing to be a priority as it grew its retail customer base.
On the regional front, the group said it would work with its associates in Thailand and Vietnam to connect Malaysia, Singapore, Myanmar, Cambodia and Laos.
It would also explore opportunities to expand its data centre market presence regionally and grow its current ecosystem to include interconnected players from various industries, it added.