Time Eng confident of growing revenue by 15pc

INFORMATION technology (IT) infrastructure service provider Time Engineering Bhd (4456) is confident of growing its revenue by 15 per cent in the current financial year, driven by its integrated intelligent infrastructure, cyber security services and content business segments.

The company, which emerged from PN17 status seven months ago, returned to the black in the last financial year ended December 31 2009, with RM30.3 million in net profit and RM124.1 million in revenue.

"We have remodeled our business to focus on three key business segments (integrated intelligent infrastructure, cyber security services and content)... these three will help drive us to greater heights in years to come," chief executive officer Steven Lim Kee Seng told a news conference after the company's shareholders meeting in Kuala Lumpur yesterday.

Also present was chairman Datuk Mohd Khalil Mohd Noor.
The government-linked Time declared a gross dividend of 1.33 sen less tax - the first dividend that the company will give to its shareholders in 16 years.

Lim said the group has about RM20 million worth of on-going projects with two tenders that it is confident of securing. He, however, declined to reveal the value of the tenders.

He said so far, e-commerce, anchored by Dagang Net Technologies Sdn Bhd, contributes most to the group's revenue.

"We expect e-commerce to grow further as there are more trade facilitation opportunities," he said.

Last September, Dagang Net secured a five-year contract from the government to implement a National Single Window for the online trade facilitation service.

Time, which is 45.03 per cent-owned by UEM Group Bhd, derives over two-third of its revenue from the domestic market and the rest from overseas.

Lim said the group's focus for this year would be the local market but at the same time, it is also bidding for projects abroad.

He said opportunities are aplenty locally as the government is emphasising on IT to push the country to become a high income nation.

Currently, Time has projects in Senegal, Myanmar and Vietnam, and the company is close to securing a project in Indonesia.

-- by Business Times