TIME records Q3 revenue growth of 43%

• Operating profits up 67% to RM20.5 million and pre-tax profits up 41% to RM19.8 million from a year ago
• Contributions from newly acquired business; higher data revenue contribution from domestic business

TIME dotCom Berhad posted a 43% jump in revenues for the third quarter of 2012 compared to the previous year’s corresponding period, boosted by fresh contributions from its new regional business and higher data revenue from existing businesses.
 
With the integration of its acquisitions complete, TIME is now growing on two fronts: The Malaysian market and the regional bandwidth business, the company said in a statement.
 
On an adjusted basis for the quarter, operating profits increased by 67% to RM20.5 million and pre-tax profits rose by 41% to RM19.8 million from a year ago, after excluding one-time adjustments in 2011 and dividend income.
 
For the nine months ended Sept 30 2012, excluding one-time adjustments in 2011 and dividend income, cumulative pre-tax profit amounted to RM55.2 million, higher by RM16.9 million, or 44%, from the year-ago mark, due to higher pre-tax profit contributions from the newly acquired companies and higher revenue from existing businesses.
 
[RM1 = US$0.33]
 
“Thanks to our new regional businesses, our revenue is trending upwards,” said Afzal Abdul Rahim (pic), TIME’s chief executive officer.
 
“Group revenue at the nine-month mark amounted to RM297.3 million; higher by 29%, from a year ago, with 14% contribution from the new acquisitions.”
 
Engines of revenue and earnings growth will continue to come from the fixed-line business, the newly-acquired data centre business and the international sub-sea cable business.
 
TIME said it will continue to invest and improve its footprint in Malaysia, focusing on the Klang Valley and Penang.
 
The expansion will focus on high rise business and residential buildings, and customers will be able to subscribe to any of TIME’s high-speed Internet products. Residential customers will be able to enjoy home Broadband speeds of up to 100Mbps, the highest speeds available to residential customers anywhere in Malaysia, bundled with Astro B.Yond IPTV packages.