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KUALA LUMPUR: Telekom Malaysia Bhd (TM) chalked up a lower net profit of RM218.59 million for the second quarter (Q2) ended June 30, 2021 compared to RM274.75 million in the same period last year due to higher operating costs as well as foreign exchange loss.

The company said operating costs rose due to provisions recognised as part of the group’s manpower optimisation initiatives.

In addition, it incurred a RM3.1 million foreign exchange loss on borrowings in the quarter under review versus a RM19.2 million gain a year earlier, TM said in a filing with Bursa Malaysia today.

Revenue, in contrast, rose to RM2.76 billion from RM2.59 billion in the same quarter last year.

TM said the higher operating revenue in Q2 2021 was in line with the increase in revenue for all services apart from non-telecommunication related services.

Net profit for the six months ended June 30, 2021, increased to RM544.06 million from RM427.27 million in the first half of 2020 as revenue improved to RM5.57 billion from RM5.15 billion previously.

“The company continues to invest in future growth by modernising its network and technology platforms to deliver the best current and future solutions for its multi-segment customers.

“Capital expenditure spending in the first half of the year stood at RM597 million or 10.7 per cent of revenue. Of the amount invested, 65 per cent was for network access, 16 per cent for core network, and the balance 19 per cent for support systems,” it said.

Moving forward, managing director and group chief executive officer Imri Mokhtar said Malaysia’s economic growth outlook continued to be challenging with the prolonged movement restrictions brought about by COVID-19.

“Notwithstanding the headwinds, our role remains. We will continue to serve the nation by meeting the demand for internet and data, both at the retail and wholesale fronts,” he added. – Bernama

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