Telekom Malaysia Bhd’s (TM) net profit shrank by half to RM152.52 million in the first quarter (Q1) ended March 31, 2020, compared to RM308.28 million in the same period last year.
This came on the back of an eight percent fall in revenue to RM2.56 billion, as all lines of products posted lower contributions, the company said.
“The reduction in revenue led to the group recording lower operating profits before finance cost of RM321.6 million, a 36.4 percent (RM184.0 million) decrease from RM505.6 million recorded in Q1 2019,” TM said in a filing with Bursa Malaysia today.
On segmental performance, TM said unifi’s revenue eased from RM1.23 billion to RM1.12 billion in the quarter under review.
It attributed this to a reduction in voice services due to lower usage from a decrease in cumulative customer base as well as a reduction in revenue from Internet and multimedia services amid downward price adjustment exercise given to its Streamyx customers starting September 2019 onwards.
Meanwhile, TM ONE, which is TM’s enterprise and public sector business solutions arm, recorded a 4.6 percent drop in revenue from RM1.01 billion to RM960 million mainly due to lower cumulative customer base for voice and data services compared to a year ago.
On TM Wholesale, the country’s largest fixed and mobile backhaul provider, TM said its revenue fell to RM509.3 million in Q1 2020 from RM578.1 million a year earlier mainly due to lower revenue from voice services amid lower international traffic exchange.
“While there are many uncertainties as the (Covid-19) crisis is still unfolding, TM is committed to maintaining business profitability, leveraging on new avenues at the onset of a ‘new normal’ and adapting to the new challenges.
“The group continues to monitor the current situation closely and will take appropriate actions accordingly to mitigate the impact of the pandemic on its businesses,” TM said.
- Bernama
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