KUALA LUMPUR (Nov 27): Telekom Malaysia Bhd (TM) fell as much as 3% after reporting a 22% fall in third quarter net profit from a year earlier. Profit fell on higher operating cost and taxes.
TM shares fell as much as 22 sen to RM7.02 before reducing losses. At 10.28am, TM was traded at RM7.07 to become the bourse's second-largest decliner.
The stock saw some two million shares done. For comparison, the FBM KLCI declined 4.06 points or 0.2%.
Yesterday, TM said net profit fell to RM188.85 million in the third quarter ended September 30, 2014 from RM240.88 million a year earlier. Revenue was however higher at RM2.64 billion versus RM2.61 billion.
Cumulative nine-month (9MFY14) net profit fell to RM613.51 million from RM667.97 million a year earlier. Revenue however rose to RM8.08 billion from RM7.65 billion.
Today, TA Securities Holdings Bhd wrote in a note that TM's normalised 9MFY14 net profit of RM603 million was within TA's expectation but below consensus estimates.
The figure accounted for 71% and 66% of TA's and consensus full-year forecast respectively, according to TA.