KUALA LUMPUR (May 29): Telecommunication provider TIME dotCom Bhd’s (KL:TIMECOM) net profit slipped 3.35% in the first quarter, driven by higher personnel costs, depreciation for property, plant and equipment as well as lower net foreign exchange gain.

Net profit for the three months ended March 31, 2024 (1QFY2024) came in lower at RM110.67 million or 5.99 sen per share, compared to RM114.51 million or 6.23 sen per share in 1QFY2023, TIME’s bourse filing showed.

Revenue otherwise climbed 13.4% to RM417.77 million, compared to RM368.42 million over the same period last year, thanks to higher growth across all customer groups, with the largest coming from enterprise, followed by retail and wholesale customers.

During the quarter under review, TIME recorded a one-off non-recurring revenue of RM8.1 million from cloud and other services. Excluding the item, revenue growth would have been 11.2%.

No dividend was declared during the reviewed quarter.

Moving ahead, TIME said it remains resolutely focused on expanding its network coverage and simultaneously enhancing operational excellence to deliver “the best in quality of products and customer experience”.

“The group is actively refining its strategies and investing in core businesses, with the aim of strengthening its value proposition and remaining competitive across the retail, enterprise and wholesale segments,” it added.

TIME’s commander-in-chief Afzal Abdul Rahim said the group is "generally pleased with the performance" during the quarter and will continue its network coverage expansion for the mid- to long-term.

“We will also double our efforts to deliver the best possible service experience to our customers and continue to fine-tune our strategies as we evolve to meet market demands,” Afzal said in a statement.

At market close on Wednesday, shares in TIME settled one sen lower at RM5.15, valuing the company at RM9.52 billion.