2Q net profit down 37.6% for TMI

Malaysian mobile phone firm TM International (TMI) has announced financial results for the three months ended 30 June 2008, reporting a 37.6% fall in net profit, which the operator has partly attributed to interest costs arising from a loan from Telekom Malaysia. TM International, which was listed as a separate company earlier this year after state-controlled Telekom Malaysia spun off its mobile phone unit, generated total revenues of MYR2.4 billion (USD708 million), up 23% year-on-year, and earnings before interest, tax, depreciation and amortisation increased 19% to MYR1.2 billion, compared to MYR1 billion a year earlier. President and CEO, Datuk Jamaludin Ibrahim, said the improved result was due to higher revenue contribution from operations, especially from TMI’s Indonesian operations.