N2N Connect Bhd Reports Earnings Results for the Fourth Quarter Ended December 31, 2016

N2N Connect Bhd Reports Earnings Results for the Fourth Quarter Ended December 31, 2016

Performance of current quarter against the preceding year corresponding quarter.

For the current quarter ended 31 December 2016, the Group recorded revenue of RM10.53 million, 7.3% higher compared to that achieved in the preceding year corresponding quarter of RM9.81 million. The increase was mainly due to monthly fixed charge for leased lines and managed services and higher monthly fixed charge subscription.

The Group recorded a profit attributable to the owners of the Company of approximately RM2.21 million, 3.9% lower compared to that achieved in the preceding year corresponding quarter of RM2.30 million.

 

Performance of the current financial period against the preceding year corresponding period

The Group's revenue of RM41.82 million in the current financial year ended 31 December 2016 as compared to RM38.90 million reported in the previous year corresponding period. The Group's revenue increased by 7.5% was mainly due to the revenue from monthly fixed charge for leased lines and managed services and higher monthly fixed charge subscription.

The Group's recorded a profit attributable to the owners of the Company of RM11.38 million in the current financial year ended 31 December 2016 as compared to RM9.37 million reported in the previous year corresponding period. This is mainly due to higher revenue earned and fair value change on financial assets at fair value through profit or loss.