TM's 3Q Net Profit Declines To RM465.03 Mln
KUALA LUMPUR, Nov 26 (Bernama) -- Telekom Malaysia Bhd (TM) recorded a decline in its net profit for the third quarter ended Sept 30, 2024 (3Q FY2024) to RM465.03 million from RM538.19 million in the same quarter in 2023.
In a filing with Bursa Malaysia today, it said revenue fell by 1.2 per cent to RM2.91 billion from RM2.95 billion previously.
"The marginal decline was reflective of the challenging competitive landscape in 2024," said TM.
For the cumulative nine-month period ended Sept 30, 2024, net profit was lower at RM1.28 billion compared with RM1.43 billion in 3Q FY2023.
Revenue marginally dropped to RM8.66 billion against RM8.69 billion for the same cumulative period previously.
Year-on-year, the group reported operating revenue of RM8.66 billion, a modest 0.4 per cent decline compared with RM8.69 billion last year.
Despite this, the group’s operating profit before other gains and finance costs improved by 7.9 per cent to RM1.81 billion, up from RM1.67 billion in 3Q 2023, driven by lower operating expenses from the group’s ongoing cost management initiatives.
"This is further reinforced by our strong balance sheet and cash reserves, highlighting the group’s healthy financial position," said TM's group chief executive officer, Amar Huzaimi Md Deris, in a statement.
He said TM's broadband subscriber base continues to grow steadily, driven by the Unifi UniVerse campaign.
It also continues expanding collaborations with enterprises and government agencies to accelerate digital adoption in key verticals such as 5G, smart services, healthcare, and education.
"At the same time, we remain steadfast in preparing robust infrastructure to connect the world to Malaysia, including submarine cables and data centres to drive the nation’s digital transformation and strengthen its role as the digital hub for ASEAN," said Amar Huzaimi.
He also said for the final quarter of 2024, TM is adopting a more proactive approach to boost revenue through fixed-mobile convergence and leveraging new technologies like 5G, cloud and artificial intelligence (AI) solutions to enhance customer experiences.
"In summary, with a clear strategy and strong execution, combined with a focus on disciplined cost efficiency, we are confident in sustaining TM’s growth momentum, keeping us firmly on track to becoming a digital powerhouse by 2030,” said Amar Huzaimi.
The group maintains a positive outlook to close the year and remains on track to achieve its market guidance issued for 2024.
-- BERNAMA