TIME losses narrow as cost cutting measures kick in

22 May 2006

Malaysia’s TIME dotCom has posted a net loss of MYR42.4 million (USD11.7 million) in the first quarter, compared with a MYR54.72 loss in the year-ago period, on the back of cost cutting initiatives leading to lower sales costs and operating expenses. Revenues in the three months ended 31 March fell to MYR86.97 million, down from MYR118.85 million.

TIME won a 3G operating licence in March and says it plans to invest MYR800 million (USD213 million) in the launch of 3G-based broadband internet services. TIME says it will not use the 3G frequency to launch cellular services, instead it plans to use the concession to augment its broadband internet offerings. It says it will roll out commercial wireless 3G broadband services by September 2006 and is targeting 80% coverage by 2010. It is working on a detailed 3G business plan to submit to the Malaysian Communications and Multimedia Commission (MCMC).

Malaysia, TIME dotCom