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TIME reports Quarter 2 Financial Results [Business]

TIME dotCom Berhad posted RM64.4 million in operating profits for the first half of the year 2013, nearly doubling from RM33.6 million from a year ago, as contributions from the acquisitions, market expansion across all business segments and rising margins underlined strong data demand.

Revenue for the first six months of 2013 rose 43% to RM267.1 million from a year ago, which is mainly attributable to strong data contributions. As a result, revenues in TIME’s Wholesale and Enterprise segments expanded by 55% and 35% respectively, while its Consumer and SME segment grew by 5% in the first half of the year.

TIME’s acquisitions of the data centre and international bandwidth businesses in May last year contributed 22% of the first half revenue in the current financial year.

“These numbers show that well-supported data services have done well for TIME. Data is a business requirement that cannot be cut, and our business expansion runs on that global need for data,” said Afzal Abdul Rahim, TIME’s Chief Executive Officer.

The company said that the contributions from AIMS and Global Transit come in tandem with growing market interest in TIME’s product and service offerings. TIME’s fixed-line business continues to grow, supported by its innovative bundling packages, it said.

Operating profit for the quarter ended 30 June 2013 jumped 42% to RM33.0 million compared to the corresponding quarter in 2012, as contributions from the acquisitions and strong fixed-line business made an impact on margins and emphasised the resilience of TIME’s business growth model.

Revenue for the quarter climbed 27% year on year to RM134.1 million, driven by the Data business segment that is likely to boost growth in the quarters ahead.

The company also completed a dividend-in-specie exercise during the quarter, which resulted in the distribution of 137.5 million DiGi shares to shareholders on 19 June 2013.

“Our quarterly results this financial year consistently show the decision to acquire AIMS and Global Transit has paid off.  The Group is well-positioned to tap exciting pockets of growth in ASEAN,” added Afzal.

TIME said that moving forward it will leverage on AIMS and Global Transit to meet demand for data centre and global bandwidth services across the Asia Pacific region. TIME has also planned expansion initiatives to broaden its presence at home and regionally. For instance, TIME’s commitment to the construction of the Asia Pacific Gateway submarine cable system and a planned rollout of Astro-linked buildings will drive capital expenditure in the second half of this year.

About Kugan

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