KUALA LUMPUR (Aug 21): TIME dotCom Bhd posted a net profit of RM69.79 million for its second quarter (2Q) ended June 30, 2020, down 29% quarter-on-quarter (q-o-q) from RM97.96 million.
In a bourse filing today, it said revenue for the quarter came in at RM304.8 million, up 3.7% q-o-q from RM293.95 million.
Earnings per share were 11.63 sen.
For the first half (1H) ended June 30, 2020, TIME dotCom's cumulative net profit grew to RM167.75 million from RM155.63 million a year ago, on the back of higher revenue of RM598.75 million versus RM540.36 million previously.
Reviewing its performance, TIME dotCom said its recorded higher sales across all core product segments.
It said recurring revenues from data, data centre and voice grew 11.7%, 7.2% and 0.4%, respectively.
All core customer groups also contributed to revenue growth, led by the retail and wholesale customer groups, it said.
In a separate statement, TIME dotCom chief executive officer Afzal Abdul Rahim said the firm was able to continue driving growth in 1H owing to "the longer-term approach that we've always taken towards the business".
"Coverage expansion and service quality remain key priorities for the group as we support our customers in an increasingly digital environment," he said.
On its outlook, TIME dotCom said on the regional front, the group will continue working with its partners in Thailand and Vietnam to tap into the increasing demand for cross-border connectivity across the ASEAN region.
It said towards the goal of establishing the group as a key regional data centre player and operator, the group has embarked on the construction of a new data centre in Bangkok, Thailand, built in partnership with its associate Symphony Communications Public Co Ltd, as well as a new wholly-owned data centre in Cyberjaya, Malaysia.
It said both data centres are expected to be operational by the end of the year and will serve to ensure continued future revenue growth and benefit the group strategically in the longer term.
At the midday break, TIME dotCom rose 1.85% or 20 sen to RM11 with 470,600 shares traded.