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Axiata full year financials outperform expectations

24 Feb 2010

Malaysian telecoms group Axiata has posted a strong set of results for its full year 2009 period, revealing that net profit for the twelve months ended 31 December 2009 had more than tripled to MYR1.65 billion (USD484.9 billion), well above forecasts of around MYR1.37 billion. On a normalised basis, taking into account foreign exchange losses and gains and loan interest, full year net profit rose 44% year-on-year compared to FY2008, with the company noting that improved operational performance had contributed to the positive results. Group revenue meanwhile was up 15% y-o-y compared to 2008, with Axiata generating a turnover of MYR13.11 billion in 2009, on the back of strong contributions from Malaysia’s Celcom and XL of Indonesia. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the 2009 fiscal year climbed 18% to MYR5.16 billion.

As at end-December 2009 Axiata reported a total subscriber base of 120 million, up 34% against the 89.3 million reported a year earlier. Its largest subsidiary by subscribers remains Indian cellco Idea Cellular, in which the Malaysian group holds a 14.99% minority stake, with 52.3 million.

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