KUALA LUMPUR (May 28): TIME dotCom Bhd’s net profit fell 6.75% to RM91.35 million for the first quarter ended March 31, 2021 (1QFY21), from RM97.96 million a year earlier.
In a bourse filing, the group said it registered a lower net gain on foreign exchange of RM8.3 million against RM27.1 million in 1QFY20.
Its share of profits from investments in associates and dividend income also dropped during the quarter, while interest expenses rose.
The group also posted a higher depreciation and amortisation charged for property, plant and equipment and right-of-use assets of RM3.4 million.
Quarterly revenue increased 12.7% to RM331.33 million, from RM293.95 million in 1QFY20, following higher revenue from its data centre.
TIME dotCom did not declare any dividend for the quarter.
On a quarter-on-quarter basis, the group saw its net profit drop 3.18% from RM94.36 million, while revenue increased 5.2% from RM314.87 million in 4QFY20.
In a separate statement, TIME dotCom chief executive officer Afzal Abdul Rahim said the group remains cautious and vigilant despite its steady operational and financial results.
“We will continue to prioritise network availability and stability for our customers throughout this difficult period, where remote working and learning are an evergrowing part of our daily lives,” he said.
On its outlook, the group said it is constantly innovating to deliver quality, meaningful solutions and services to its customers as demonstrated by the acquisition of a 60% stake in AVM Cloud and the upcoming completion of its data centre in Cyberjaya, both aimed at strengthening its strategic position in the cloud and data centre segments to support its long-term growth.
“Further to that, the group continues to support the Malaysian government in achieving its national telecommunications and digital economy objectives to bridge the digital divide and transform the country into a regional leader in the digital economy under the JENDELA and MyDIGITAL initiatives.
“Regionally, the group continues to leverage on the increasing demand for cross-border connectivity as it works with its partners in Thailand, Vietnam, and Cambodia. The group also continues its growth aspirations as a key regional data centre player and operator,” it said.
Shares in the group closed 0.58% or eight sen higher at RM13.98, valuing the group at RM8.45 billion.
