TM International 2Q Net Profit MYR367 Million, Down 37.6%

KUALA LUMPUR -(Dow Jones)- Malaysian cellular phone company TM International said Tuesday its second quarter net profit fell 37.6% on higher interest costs following its demerger from parent Telekom Malaysia in April.

Net profit for the period ended June 30 fell to MYR367 million from MYR588 million a year earlier, while revenue grew to MYR2.93 billion from MYR2.37 billion.

The second quarter net profit is below the average forecast of MYR429 million in a Dow Jones Newswires poll of seven analysts.

The company, which has units in ten countries including Indonesia, India and Sri Lanka, was listed on April 28 after its demerger from state-controlled Telekom Malaysia.

"We believe we have compelling growth drivers based on our exisiting positions in countries with expanding economies and low penetrations. We are confident looking forward TMI will be able to nurture and unleash the potential of our assets," said Chief Executive Jamaludin Ibrahim.

For the first half, TMI posted a net profit of MYR769 million, down 17.7% from MYR934 million a year earlier, but revenue rose to MYR5.65 billion from MYR4.69 billion previously.

-By Venkatagiri Balakrishnan, Dow Jones Newswires; (603) 2692 5254; giri.balakrishnan@dowjones.com

(END) Dow Jones Newswires

Posted to the site on 26th August 2008