KUALA LUMPUR (May 18): Redtone Digital Bhd saw its net profit jump 35% year-on-year (y-o-y) in the third quarter ended March 31, 2023 (3QFY2023) to RM13.69 million from RM10.12 million in the corresponding quarter (3QFY2022), due to fair value gain on investments, as well as the presence of investment related expenses in the corresponding quarter.
For the nine-month period ended March 31, 2023 (9MFY2023), the telecommunications and digital infrastructure services provider saw its net profit shoot up 68.3% y-o-y to RM49.04 million from the same period a year ago (9MFY2022), due to the same reasons.
Redtone’s investment-related income in 9MFY2023 of RM20.08 million was four times higher than in the corresponding period.
Redtone’s earnings per share (EPS) increased to 1.77 sen in 3QFY2023, from 1.31 sen in the corresponding quarter. On the cumulative nine-month basis, the group’s EPS stood at 6.34 sen, compared with 3.77 sen in the corresponding period in 2022.
No dividend was declared in respect of the current quarter under review.
Despite the good performance so far in the group’s financial year ending June 30, 2023, Redtone is of the view that the business and operating performance for the remaining quarter will be challenging and competitive, especially for the telecommunication services segment.
This is due to the intense competition in the telecommunication industry, said Redtone in its financial results report.
“The group will continue to adopt measures to improve operational efficiencies and profitability in its core businesses.
“The management expects that the MTNS (managed telecommunication network service) segment will increase its contribution to the group, while data services for the enterprise market would continue to be the main focus in recurring businesses,” said Redtone.
At Thursday (May 18)’s close, Redtone was trading at 56 sen per share, valuing the group at RM442.09 million.
Source: TheEdge - 19 May 2023
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