Despite increased revenues for the three-month period ending 30 September 2008, Malaysian mobile group TM International (TMI) has revealed a 26% drop in net profit for the quarter. Attributing the drop in profit to escalating financial costs and higher losses from its overseas subsidiaries, the company reported net profits for the three-month period at MYR243.9 million (USD67.6 million), compared to MYR328.4 million year-on-year, while revenues rose to MYR3.28 billion, up 28.2% from MYR2.56 billion a year earlier. Strong performance from subsidiaries Celcom in Malaysia and Excelcomindo in Indonesia boosted revenues, with the operators reporting turnover growth of 10% and 60% respectively y-o-y, thanks to increases in both subscriber numbers and usage.
Commenting on the results TMI chairman Tan Sri Azman said, ‘We are generally pleased to see that TMI is still recording healthy financials despite the unprecedented volatility in the global markets. We are confident of TMI’s longer term growth potential given that through its holdings, TMI addresses a target population of 1.45 billion people with an average penetration rate of 31.1%.’ TMI was listed as a separate company earlier this year after state-controlled Telekom Malaysia spun off its mobile operations.