Telekom Malaysia (TM) has announced its financial results for the third quarter of 2018, ended 30th September 2018.

According to the report, the company posted a revenue of RM2.95 billion in the Q3 period, 0.3% higher than the RM2.94 billion of the previous quarter. However, TM also reported a net loss of RM175.6 million this quarter, as opposed to the RM211.9 million profit last year.

This net loss was due to more than RM934.8 million in impairment of network assets. These assets included both fixed and wireless networks, though TM did not detail specifics on which assets were affected. Up to RM808.3 million of these assets were attributed to the company’s unifi division.

In response to immediate business challenges, TM also announced a revision of its dividend policy. Rather than distribute the entirety of its payouts, it will instead only distribute 40% to 60% of dividends.

“We continue to face various headwinds from competitive market dynamics. Nonetheless, we held revenue steady over the quarter, and saw our cost reduction initiatives bearing fruit, by recording improved operational
performance for QoQ and YoY,” said TM’s acting CEO Imri Mokhtar in a statement.

“This is a matter of great importance to us. In light of the current operating landscape and after careful consideration of the potential impact on our earnings alongside our efforts to transform the Company to adapt thereto, the Board has determined the review of our dividend policy to support TM’s long-term strategic objectives.”