KUALA LUMPUR – Telekom Malaysia Bhd’s (TM) net profit for the financial year ended December 31, 2020 (FY20) rose to RM1.02 billion compared with RM632.68 million recorded in 2019.
Revenue however slipped to RM10.84 billion from RM11.43 billion previously, the group said in a filing with Bursa Malaysia today.
TM said this was due to a decline in all its revenue streams.
“Revenue from internet had been affected by Streamyx price adjustments introduced from September 2019 onwards while voice and other telecommunication related services were impacted from lower volume and restricted economic activities from the movement control order (MCO) in general, affecting revenues from customer projects under the enterprise segments,” it said.
Meanwhile, the company said the higher net profit achieved was contributed by lower tax charges, as well as contributions from the group’s share from improved performance of subsidiaries with non-controlling interests.
Building on the current momentum, TM said it had embarked on the next phase of its journey from 2021 to 2023.
“TM will inculcate a new performance culture that is focused on outcome and impact.
“Over the next 12 months, TM aims to improve earnings before interest and tax growth through three areas of excellence: in connectivity, solutions, and customer experience; with stronger revenue from our business units, better cost management and productivity from operations optimisation; and improved customer experience,” it said. – Bernama, February 24, 2021
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