Telekom Malaysia Bhd (TM) experienced a 13.6% decline in net profit for the third quarter of 2024, falling to RM465.04 million compared to RM538.19 million a year ago, mainly due to higher taxes and zakat, which reached RM204 million.
Despite this, the company recorded a strong growth of 36.2% in profit before tax (PBT), reaching RM668.23 million due to lower finance costs.
Despite the decline in profit, TM Chief Executive Officer Amar Huzaimi Md Deris stressed the company's resilience with continued growth in the number of broadband subscribers and an emphasis on optimal costs.
The company remains positive, planning to increase revenue by expanding fixed-mobile convergence and leveraging 5G, AI and cloud computing technologies.
Despite the profit decline, TM shares recorded a slight increase, closing 0.31% higher at RM6.38, with a market capitalization of RM24.5 billion.
The company's strong position in fiber optic infrastructure and 5G services promises positive long-term prospects.
