TIME dotCom 1Q net gain falls on reduced currency trading achieve, share of earnings from associates

KUALA LUMPUR (May perhaps 28): TIME dotCom Bhd’s internet gain fell 6.75% to RM91.35 million for the to start with quarter ended March 31, 2021 (1QFY21), from RM97.96 million a calendar year earlier.

In a bourse submitting, the team mentioned it registered a reduced web get on international trade of RM8.3 million in opposition to RM27.1 million in 1QFY20.

Its share of gains from investments in associates and dividend income also dropped for the duration of the quarter, whilst fascination costs rose.

The team also posted a larger depreciation and amortisation charged for assets, plant and machines and appropriate-of-use property of RM3.4 million.

Quarterly income amplified 12.7% to RM331.33 million, from RM293.95 million in 1QFY20, pursuing bigger profits from its information centre.

TIME dotCom did not declare any dividend for the quarter.

On a quarter-on-quarter basis, the group saw its web profit fall 3.18% from RM94.36 million, though income increased 5.2% from RM314.87 million in 4QFY20.

In a independent assertion, TIME dotCom main executive officer Afzal Abdul Rahim explained the team remains careful and vigilant regardless of its steady operational and economical final results.

“We will proceed to prioritise community availability and security for our prospects during this challenging interval, where by distant functioning and learning are an evergrowing section of our everyday life,” he said.

On its outlook, the team stated it is constantly innovating to deliver quality, significant alternatives and products and services to its shoppers as shown by the acquisition of a 60% stake in AVM Cloud and the impending completion of its knowledge centre in Cyberjaya, the two aimed at strengthening its strategic posture in the cloud and data centre segments to aid its long-phrase development.

“Additional to that, the team continues to assist the Malaysian federal government in accomplishing its nationwide telecommunications and digital overall economy aims to bridge the electronic divide and remodel the region into a regional leader in the digital financial state underneath the JENDELA and MyDIGITAL initiatives.

“Regionally, the group carries on to leverage on the growing demand for cross-border connectivity as it functions with its partners in Thailand, Vietnam, and Cambodia. The group also carries on its progress aspirations as a key regional information centre player and operator,” it mentioned.

Shares in the team shut .58% or 8 sen increased at RM13.98, valuing the group at RM8.45 billion.