Axiata's 1Q net profit leaps to RM159.84mil
In the quarter under review, the telco group reported a net profit of RM159.84mil, more than double the net profit of RM60.03mil in the year-ago quarter, bringing its earnings per share to 1.7 sen from 0.7 sen previously.
This was despite an 11.3% lower revenue of RM5.09bil, down from RM5.74bil in 1QFY24, due to forex translation, notably from the depreciation of the Indonesian rupiah and Bangladeshi taka.
According to the group, there was substantial progress in 1QFY25 towards its strategic long-term and medium-term portfolio ambitions, driven by a sharper portfolio mindset.
"The group's operational start to the new financial year clearly demonstrates our commitment to creating value from our portfolio of businesses. This quarter's performance highlights Axiata's ability to adapt, integrate and grow in a dynamic regional landscape, even amidst macroeconomic volatility," said chairman Tan Sri Shahril Ridza Ridzuan.
Group CEO and managing director Vivek Sood said the group has taken steps to reposition towards its long and medium-term portfolio objectives.
"We are confident that our strategic framework, focused on strengthening connectivity and convergence businesses while streamlining our portfolio for value creation and monetisation, will enable us to capitalise on significant market opportunities."
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