TIME posts record 34% revenue growth

• Double-digit growth recorded across all market segments
• Operating profits on a comparable basis for FY2012 grew 57%

TIME dotCom Bhd posted a record RM419.1 million in revenue for its financial year ending Dec 31 2012, a 34% increase from the RM313.9 million recorded in the same period a year ago.
 
Its performance was driven by new revenue streams contributed by regional bandwidth sales, data center, and continuous growth of its domestic fixed-line business, the company said in a statement.
 
On a comparable basis, operating profits year-on-year rose 57% to RM76.8 million. Profit before tax (after taking into account investment income) for the financial year ended Dec 31 2012 jumped 32% to RM157 million.
 
[RM1 = US$0.32]
 
Over the course of 2012, TIME registered double-digit growth across all of its market segments, accounting for its record profits, it said. For the full financial year, revenue from TIME’s Enterprise segment grew by 40%, while its Wholesale segment expanded by 31%. In its Consumer and SME segment, revenue grew by 10%.
 
With the completion of their acquisitions on 17 May 2012, AIMS and Global Transit Group of Companies contributed 16% of the Group’s revenue for the financial year.
 
“Even though our shift towards the regional bandwidth market started only in May last year, our results have shown that this is the right move,” said Afzal Abdul Rahim (pic), TIME’s chief executive officer.
                                              
“Asean bandwidth needs are only moving in one direction; upwards. This is only the first step for us to tap into the growth potential that Asean has to offer,” he added.
 
TIME’s fourth-quarter revenue grew 46% to RM121.8 million from RM83.2 million in the same period a year ago, driven by contributions from its new revenue streams of regional bandwidth sales and the data center business. This was further pushed by strong contributions from its domestic business, the company said.
 
Pre-tax profit for the quarter doubled to RM51.5 million due to contributions from its regional acquisitions and better dividend income.
 
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