KUALA LUMPUR (Aug 26): TIME dotCom Bhd’s (KL:TIMECOM) net profit in its second quarter fell to RM99.05 million from RM2.26 billion a year ago, in the absence of gains from the divestment of its stake in AIMS data centre business last year.

However, the group’s earnings for the latest quarter ended June 30, 2024 (2QFY2024) were a significant improvement when comparing continuing operations, which contributed just RM387,000 in net profit a year ago.

This was on the back of lower personnel costs as well as asset impairments and write-offs, coupled with higher revenue led by its data products.

Quarterly earnings per share came in at 5.36 sen in 2QFY2024, from RM1.23 in 2QFY2023 (0.02 sen per share from continuing operations).

The group declared a special interim dividend of 18.93 sen per share, up from 16.25 sen in the same quarter last year. Its year-to-date dividend of 18.93 sen per share was nonetheless lower from 70.65 sen for the first half ended June 30, 2023 (1HFY2023) on the AIMS sale.

Quarterly revenue rose 7.53% to RM418.49 million, from RM389.2 million on data product revenue boost, mainly contributed by retail customers.

Meanwhile, 1HFY2024 net profit of RM209.72 million was lower than RM2.38 billion the year before, but was more than double on a continuing operations basis — from RM102.78 million.

Revenue in the six-month period rose 10.38% to RM836.25 million from RM757.62 million.

Looking ahead, TIME dotCom said it continues to invest in its network and is committed to expanding its coverage footprint.

“The group’s focus remains on expanding network coverage to reach and deliver the best service experience to our customers. We’ll continue to keep a close eye on the market so we can meet evolving market demands,” the group’s commander-in-chief Afzal Abdul Rahim said in a statement.

Shares of TIME dotCom were unchanged at RM4.89 at Monday’s closing bell, giving the group a market capitalisation of RM9.04 billion.