TIME dotCom sees profit almost double in 3Q11

Malaysia’s TIME dotCom (TdC) has released its financial results for the three months ended 30 September 2011, revealing a tenth consecutive quarter of profit, with net profit in the quarter almost doubling on the back of higher non-global bandwidth sales, higher profit margins and adjustments for previously recognised expenses. In the telco’s third quarter of the 2011 fiscal year it reported net profit of MYR40.7 million (USD9.4 million), a 94% year-on-year increase against the MYR20.9 million it recorded in 3Q10. Revenues in the three-month period however totalled MYR76.9 million, representing a fall of almost 12%, in part as a result of lower global bandwidth sales. TdC noted though that with historical results adjusted to exclude one-off expenses recognised previously, project revenues discontinued in 2010, dividend income and global bandwidth revenue, turnover had, in fact, risen by 17% y-o-y. Earnings before interest, tax, depreciation and amortisation (EBITDA) meanwhile stood at MYR96.9 million in 3Q11, up from MYR62.8 million in the corresponding period of 2010.