Operating profit for the quarter stood at RM36.8 million
Revenue and profit improvements led primarily by stronger Data sales
Shah Alam, 22 August 2014 - TIME dotCom Berhad ("TIME" or "the Group") today announced another quarter of double-digit growth in revenue for the three months ended 30 June 2014.
The Group posted revenue of RM155.7 million for the second quarter of 2014 (Q2 2014), an increase of RM21.6 million or 16.1% from the same period a year ago. The solid revenue growth was driven by higher Data sales and improved Data Centre contributions.
Similarly, operating profit rose 11.4% year-on-year (YoY) to RM36.8 million on the back of improved revenues across TIME’s Wholesale, Enterprise and SME & Consumer segments.
"We are pleased with the continuity in the growth of all our three businesses," said TIME’s Chief Executive Officer Afzal Abdul Rahim. "We remain positive about our performance for the rest of the year."
Group revenue for the period in review was RM23.8 million or 18.0% higher than the immediate preceding quarter (Q1 2014). The improvement came principally from higher Data revenue, predominantly from global bandwidth sales.
Operating profit jumped 63.4% quarter-on-quarter, mainly due to higher margins generated by improved global bandwidth sales.
Outlook and Prospects
TIME’s recent investment in the trans-Pacific FASTER submarine cable system (FASTER) is its second link between Asia and North America, after the Unity cable system. Together, they give TIME greater opportunities to satisfy data demand between the two continents.
On top of expanding the Group’s global network footprint, FASTER will raise TIME's bandwidth capacity substantially on the lucrative trans-Pacific route and allows it to offer its customers much-valued redundancy services.
The Group's other submarine cable links, AAE-1, which connects Asia and Europe via the Middle East, and Asia-Pacific Gateway (linking ASEAN and Japan) position TIME as a global infrastructure player.
According to Afzal, these investments are necessary to ensure continued revenue growth in the future and benefit the Group in the long term.
They will link TIME's core telecommunications and data centre businesses in Malaysia with its international submarine cable network, and offer TIME customers a truly global proposition.
This press release contains forward-looking statements that reflect the current views of TIME dotCom Berhad (TIME) management with respect to future events. The words "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "project", "should" and similar expressions including all statements that are not historical facts are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond TIME's control, including, without limitation, general industry and economic conditions, competition from other companies and avenues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, governmental policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed on them. TIME does not intend or assume any obligation to update these forward-looking statements.
About TIME dotCom Berhad
Founded in 1996, TIME dotCom Berhad (TIME) is a data-centric telecommunications and solutions provider in Malaysia with a business reach across the Asia-Pacific. TIME has expanded beyond its core Malaysian fixed-line business to incorporate two fast growing subsidiaries: the Global Transit Group of Companies (GT) offering regional bandwidth services and the AIMS Group of Companies (AIMS), an award-winning, carrier-neutral data centre provider. Combined, the TIME Group can now offer customers complete land and subsea fibre network solutions and value-added services that tap booming ASEAN demand for fast, reliable bandwidth. TIME is a public company listed on the Main Market of Bursa Malaysia since 2001. Visit www.time.com.my for more information.