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Time dotcom 1Q net profit falls 18.5% yoy to RM29.4m

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Time dotcom 1Q net profit falls 18.5% yoy to RM29.4m Empty Time dotcom 1Q net profit falls 18.5% yoy to RM29.4m

Post by Cals Tue 27 May 2014, 03:07

Time dotcom 1Q net profit falls 18.5% yoy to RM29.4m
Business & Markets 2014
Written by Jonathan Gan of theedgemalaysia.com   
Monday, 26 May 2014 18:40

KUALA LUMPUR (May 26): Time dotCom Bhd’s net profit for the first financial quarter ended March 31, 2014, fell 18.5% to RM29.42 million from RM36.08 million in similar quarter a year ago.

Group revenue stood lower at RM131.9 million for the quarter, from RM133.01 million a year ago, according to its filing to Bursa Malaysia.

On its outlook, the company said in a press statement that it expects earnings growth to continue with the strong demand for higher speed bandwidth and mobile node fiberisation requirements by mobile operators. The rollout of LTE networks is expected to bring in more avenues for growth.

“The upward trend in bandwidth demand around the region is extremely positive for the Group,” said Afzal Abdul Rahim, CEO of TimedotCom. “We have the right strategies in place to capture this demand.”

Time dotCom had recently announced its participation in a consortium to build a new submarine cable system, Asia-Africa-Europe 1 (AAE-1), linking Asia and Europe via the Middle East.
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