KUALA LUMPUR (Nov 27): TIME dotCom Bhd (KL:TIMECOM) has reported a 44.93% decline in third-quarter net profit to RM58.71 million, from RM106.60 million a year earlier, due mainly to a foreign exchange (forex) loss.

The telecommunications provider suffered a forex loss of RM68.9 million in the three months ended Sept 30, 2024 (3QFY2024), compared to a net forex gain of RM4.1 million in the same period last year, according to a stock exchange filing.

Other contributing factors included an higher allowance for doubtful debts of RM1.8 million, a rise in inventory write-offs to RM1.1 million, and higher depreciation and amortisation costs related to property, plant, and equipment of RM3.4 million.

Quarterly revenue rose by nearly 3% year-on-year to RM423.35 million from RM411.07 million, on strong demand from enterprise and retail customers.

TIME dotCom did not declare any dividends for the latest quarter.

For the first nine months ended Sept 30, 2024 (9MFY2024), the company saw a fall in net profit to RM268.43 million from RM2.48 million, despite revenue rising 7.8% to RM1.26 billion from RM1.17 billion for 9MFY2023. The increased revenue was fuelled by strong demand for the company’s data offerings, particularly within its retail and wholesale customer segments.

Despite the lower earnings, TIME dotCom remains optimistic about its future prospects. 

"We are pleased with our ongoing momentum, and remain committed to expanding our network so we can continue delivering an outstanding service experience to our customers,” said chief executive officer Afzal Abdul Rahim in a statement.

TIME dotCom said it will focus on driving long-term growth and business sustainability through continuous network expansion, operational improvements, and the enhancement of its go-to-market strategies.

Its shares closed one sen or 0.2% higher at RM4.68 on Wednesday, valuing the company at RM8.65 billion.