TIME dotCom posts RM91m net profit in 1Q despite forex impact

TELECOMMUNICATIONS provider, TIME dotCom Bhd’s net profit eased to RM90.64 million in the first quarter ended March 31, 2022 (1Q22), compared to RM91.62 million in the same quarter last year.

The reduced net profit was due to the impact of foreign exchange (forex) movements, higher depreciation charged for property, plant and equipment and right-of-use assets, and higher staff-related costs.

The group’s revenue of RM369.4 million saw 11.5% year-on-year growth.

All core customer groups — namely retail, enterprise and wholesale — contributed to revenue growth, owing to resilient demand for data centre and data offerings from the group, it said.

“We are happy with the solid start to the year. We are cautiously optimistic that demand for TIME dotCom’s product and service offerings will continue to chart growth with the reopening of the economy,” TIME dotCom’s commander-in-chief Afzal Abdul Rahim said in a statement today.

Strategically, the group remains invested in network expansion to support connectivity needs as well as help the nation achieve its digital economy objectives.

“Regionally, we are still seeing a healthy level of demand for both cross-border connectivity and data centre offerings. We will continue to innovate our products and services to meet customer requirements,” he said.

The group saw a solid start to the group’s performance, both operationally and financially.

This was reflected in the group’s financial results with growth recorded across all of TIME dotCom’s core customer segments.

“As the nation ramps up economic activities across the board following the transition into endemicity, the group is cautiously optimistic that demand for connectivity and digitalisation solutions will also grow,” he said.

Regionally, the group will continue to capitalise on opportunities in the cloud and data centre space while meeting the demand for cross-border connectivity through its Asean operations, it said.

The group remains vigilant and will monitor developments in both the domestic and global economy as well as geopolitics and any associated risks they may have on the group, said TIME dotCom. –BERNAMA