14 September 2020
Telekom Malaysia Bhd (TM) saw its net profit surge 140.63% year-on-year to RM274.75m in the second quarter (Q2) to June 30, 2020.
Group revenue, however, dropped to RM2.59bn from RM2.77bn this time last year due to its new internet service Streamyx’s price adjustments and restricted economic activities during the Movement Control Order (MCO).
TM said the higher earnings were due to lower operating and net finance cost as it contended with the impact of the MCO to curb the spread of the Covid-19 pandemic.
This was reflective of the impact from the Streamyx price adjustments from September last year as well as lower volume and restricted economic activities during the MCO.
For the six-month period, TM’s net profit rose to RM427.27 million from RM422.46 million a year earlier, although revenue was down at RM5.15 billion versus RM5.55 billion.
Newly-appointed chief executive officer Imri Mokhtar said TM had seen positive growth in its unifi subscribers as more Malaysian worked from home during the MCO.
Its unifi customer base had grown 4% to 1.55 million as of Q2, with total fixed broadband customer base rising to 2.23 million, Imri said at a press conference on its Q2 results.
TM has continued its convergence penetration leadership with fixed broadband growth at 53% for households.
“Our unifi subscribers recorded positive growth from more Malaysians working from home while TM Wholesale continues to see higher international and domestic revenue,” Imri said. “In the meantime, we remain well positioned to lead in the Industrial Revolution 4.0 (IR4.0) towards enabling a more digital Malaysia.”