Time Dotcom earnings down due to forex loss

PETALING JAYA: Time Dotcom Bhd first quarter net profit slumped 33.5% to RM37.59 million from RM56.57 million due to a RM8.1 million net loss on foreign exchange in the current quarter, with the strengthening of the ringgit against the dollar.
Revenue for the quarter ended March 31, 2016 was 2% higher at RM175.2 million compared to RM171.7 million a year ago.
The group expects 2016 to be a challenging year amidst intense competition and an uncertain global economic environment but remains confident that there are still many expansion and growth opportunities within the Asean region.
"The results of the group for the remainder of 2016 are expected to remain satisfactory," it said.