TIME dotCom's Q4 earnings fell 49%

PETALING JAYA: TIME dotCom Bhd saw fourth quarter ended Dec 31, 2017 net profit fall 49% on higher operating expenses and lower other operating income as well as lower deferred tax.
TIME dotCom posted a positive income tax expense of 952,000 for the quarter under review, compared with RM44.4 million for the corresponding quarter in 2016.
The group made a net profit of RM58.2 million for the quarter under review, compared with RM114.5 million for the quarter ended Dec 31, 2016.
This was on 5.6% higher revenue of RM234.0 million, compared with RM221.6 million for the corresponding quarter in 2016.
The group said it expects the telecommunications industry to remain competitive and challenging in 2018 and will leverage on existing assets to gain market share by delivering quality network experience and meaningful solutions to customers.
It looks to further strengthen its domestic fibre network and intensify efforts to extend its coverage footprint throughout the country. It is encouraged by the strong demand shown for its TIME Fibre Home Broadband offerings and will look into opportunities to further tap into this market segment in 2018.
"On a global front, the group anticipates new opportunities with the addition of the AAE-1 submarine cable system to its network of existing international submarine cable assets. The group expects the adoption of new IT architecture to provide growth for its data centre business moving forward and has plans to upgrade its data centre assets to cater to the demands of its customers, while remaining environmentally conscious," TIME dotCom said.
It is eyeing expansion of data centre market presence regionally, especially with its new partner in Thailand, SYMC. SYMC currently owns a terrestrial fibre network across Thailand that also has cross border capabilities to connect Myanmar, Cambodia and Laos to TIME’s own Malaysian network.
For the 12 month period ended Dec 31, 2017, the group saw net profit cut to RM175.3 million, compared with RM407.3 million for the same period in 2016.
This was despite revenue going up 12.2% to RM860.7 million for the period under review, compared with RM 766.9 million for the same period in 2016.
The group's share price closed 18 sen lower to RM8.04, with some 470,700 shares changing hands.