KUALA LUMPUR: Telekom Malaysia Bhd's (TM) net profit dropped 13.6 per cent to RM465.04 million in the third quarter ended Sept 30, 2024 (Q3 2024) from RM538.19 million in Q3 2023 due to recognition of tax credit from last year's losses.
Revenue for the quarter under review declined 1.2 per cent to RM2.92 billion from RM2.95 billion challenging competitive landscape.
For the cumulative nine months (9MFY24), TM 's net profit slipped to RM1.29 billion compared to RM1.44 billion a year ago.
Its revenue slightly dropped to RM8.66 billion compared to RM8.7 billion in the same period last year.
TM group chief executive officer Amar Huzaimi Md Deris said it continues to see growth in broadband subscribers, driven by the Unifi UniVerse campaign.
"We also continue 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," he said in a statement.
The group 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," Amar said.