Telekom Malaysia reported profits doubling due to lower costs and taxes, despite revenues taking a dip due to market challenges.
Profit for the Malaysian operator surged 102.9% from MYR265.2 million to RM538.2 million (US$114 million) in Q3, primarily due to lower taxes and reduced net finance costs. Meanwhile, operating revenue declined 2.6% from MYR265.2 million to MYR538.2 million, and CAPEX stood at 15.1% which equates to MYR1.38 billion as the operator spent on network infrastructure expansion, but this was down from 15.9% in 2022.
The company noted strong performances from its broadband and TV brand Unifi and wholesale business arm TM Global, both having “pivotal” roles in growth this quarter. Unifi broadband subscriptions increased 4.6% to 3.12 million, while TM Global revenue grew 5% to MYR769.9 million on the back of strong data services demand.
TM CEO Amar Huzaimi said: “Our commitment to advancing quad-play convergence services, coupled with the introduction of attractive and competitive packages, enabled us to retain and expand our customer base, solidifying our portfolio as the true convergence champion.
“Our relentless pursuit of improving mobile coverage nationwide aligns with our dedication to inclusivity, bridging the digital divide, and fostering widespread digital adoption. By ensuring our services are accessible to all, we contribute to creating a more connected and inclusive society.
“Simultaneously, our aggressive expansion of data and network infrastructure is strategically positioned to meet the growing demands of our domestic market and attract more international players. This is a crucial step towards positioning Malaysia as a digital hub for the region, contributing significantly to the creation of a globally connected digital economy.”