N2N Connect Bhd Reports Earnings Results for the Second Quarter Ended June 30, 2016

Performance of current quarter against the preceding year corresponding quarter

For the current quarter ended 30 June 2016, the Group recorded revenue of RM10.67 million, 8.4% higher compared to that achieved in the preceding year corresponding quarter of RM9.84 million. The increase was mainly due to monthly fixed charge of leased lines and increase in monthly fixed charge subscription and monthly variable matched trades.

The Group recorded a profit attributable to the owners of the Company of approximately RM2.87 million, which was a slight 0.3% higher compared to that achieved in the preceding year corresponding quarter of RM2.86 million, despite the higher revenue. This is mainly due to fair value change on financial assets at fair value through the profit or loss statement.

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

The Group's revenue is RM20.78 million in the current financial period ended 30 June 2016 as compared to RM19.14 million reported in the previous year corresponding period. The Group's revenue increased by 8.6% was mainly due to the revenue generated from monthly fixed charge of leased lines and increase in monthly fixed charge subscription.

The Group recorded a profit attributable to the owners of the Company of RM5.77 million in the current financial period ended 30 June 2016 as compared to RM5.08 million reported in the previous year corresponding period. The increase was mainly due to monthly fixed charge of leased lines and increase in monthly fixed charge subscription.

Posted on 24 August 2016