KUALA LUMPUR, Nov 22 — Time dotCom Bhd’s net profit fell 10.2 per cent to RM106.60 million in the third quarter ended Sept 30, 2023 (3Q FY2023) from RM118.74 million in the same quarter last year.

The telecommunication group said the lower bottom line was due to profit from discontinued operations being included in 3Q FY2022.

Excluding discontinued operations, however, the group achieved a better consolidated profit before tax (PBT) of RM149.8 million, up RM11.1 million or 8.0 per cent from the consolidated PBT of RM138.7 million recorded in Q3 FY2022, it said in a filing with Bursa Malaysia today.

"The increase in the group’s Q3 FY2023 PBT was mainly due to higher interest income by RM8.7 million and higher share of profit from associates and joint venture by RM2.4 million,” it said.

Meanwhile, revenue increased to RM411.07 million from RM360.65 million previously, thanks to a one-off non-recurring revenue of RM4.1 million recorded from cloud and other services in the quarter under review.

Meanwhile, net profit for the nine-month period surged to RM2.48 billion from RM327.67 million in the corresponding period of last year on higher revenue of RM1.17 billion compared to RM1.06 billion previously.

It said revenue was driven by sustained demand for data from both the retail and enterprise customer segments.

In a press statement, Time dotCom said the group’s performance for the first half of 2023 was heavily influenced by the AIMS Data Centre strategic partnership, which the group successfully closed on April 20, 2023.

"As a result of the proceeds received from this strategic partnership, Time dotCom is well-positioned to accelerate the expansion plans for its network coverage and product suite,” it said.

Commander-in-chief Afzal Abdul Rahim said the group has continued on its trajectory to fast-track expansion of the business even as it continues to innovate offerings to customers and the market.

Going forward, the group said it remains optimistic that it will be able to sustain its current performance for the rest of the year.

"Network coverage expansion as well as enhancing operational excellence continue to be priorities to deliver a rewarding and top-tier experience to its customers across all segments.

"Refining its strategies related to its core retail, enterprise and wholesale customer segments in tandem to growth is an ongoing exercise that the group undertakes to further meet market demand and seize opportunities,” it added. — Bernama