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TIME Reports Q1 2013 Financial Results [Business]

Telecommunications provider, TIME dotCom Berhad (TIME) reported its first quarter 2013 operating profits of RM31.4 million, an increase from RM10.2 million a year ago, on the back of consolidated results from its new subsidiaries that were acquired in May 2012. During the quarter, TIME also benefited from a one-off wholesale deal, as well as growth in its existing fixed-line business.

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Profit before tax increased to RM37.9 million from RM29.6 million, despite lower dividend income of RM6.9 million for the quarter ended 31 March 2013, compared to RM17.9 million a year ago.

Revenue increased to RM133 million, a 64% increase compared to the first quarter of 2012, on the back of strong revenue contributions from the acquisitions and improved performance across almost all of TIME’s business segments.

“Our acquisitions are reaping returns,” said Afzal Abdul Rahim, TIME’s Chief Executive Officer. “From consumers to global telcos, everyone is demanding faster broadband. We are simply profiting from this need.”

Overall, revenue growth was registered across all market segments compared to the same period a year earlier, with Wholesale and Enterprise recording strong double digit growth, up 94% and 47% respectively.

Moving forward, TIME said that it aims to tap strong demand for higher-speed broadband and fibre connectivity, whilst growth is also expected to be spurred by demand from mobile operators for their network modernisation plans and LTE rollouts.

Regional bandwidth demand is expected to consistently drive global bandwidth sales, while the data centre business is expected to expand with newly minted spaces in Kuala Lumpur and Cyberjaya.

“Our strong domestic base and expanded regional network footprint give us ample opportunities to seek growth both at home and in the region,” Afzal continued. “Driving shareholder value is our prime consideration.”

TIME will also be seeking shareholders’ approval for a previously announced dividend-in-specie exercise via DiGi shares on 20 May 2013. The exercise is expected to be completed by June 2013.

About Kugan

Kugan is the founder of MalaysianWireless. He has been observing the mobile industry since 2003. Connect with him on Twitter: @scamboy