N2N Connect Bhd Reports Earnings Results for the Third Quarter Ended September 30, 2016

Performance of current quarter against the preceding year corresponding quarter

For the current quarter ended 30 September 2016, the Group recorded revenue of RM10.51 million, 5.6% higher compared to that achieved in the preceding year corresponding quarter of RM9.95 million. The increase was mainly due to monthly fixed charge for leased lines and managed services. The Group recorded a profit attributable to the owners of the Company of approximately RM3.39 million, 69.5% higher compared to that achieved in the preceding year corresponding quarter of RM2.00 million. This is mainly due to higher revenue earned and fair value changes on financial assets at fair value through profit or loss, which is included in the administrative expenses.

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

The Group's revenue of RM31.29 million in the current financial period ended 30 September 2016 as compared to RM29.09 million reported in the previous year corresponding period. The Group's revenue increased by 7.6% was mainly due to the revenue from monthly fixed charge for leased lines and managed services and higher monthly subscription. The Group recorded a profit attributable to the owners of the Company of RM9.16 million in the current financial period ended 30 September 2016 as compared to RM7.07 million reported in the previous year corresponding period. This is mainly due to higher revenue earned and fair value changes on financial assets at fair value through profit or loss, which is included in the administrative expenses.

Posted on 17 November 2016