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Axiata slips to net loss in 3Q22

25 Nov 2022

Malaysia-based Axiata has claimed it is ‘well positioned to deliver on headline KPIs’ following the publication of its results for the three months ended 30 September 2022. For the period under review Axiata reported revenues of MYR7.26 billion (USD1.6 billion), representing year-on-year growth of 11%, while EBITDA and EBIT were up 12.0% (MYR3.20 billion) and 25.9% (MYR1.10 billion), respectively.

Despite these increases, the company reported that both profit after tax (PAT) and profit after tax and minority interest (PATAMI) plunged more than 100% y-o-y in Q3 2022, to a net loss of MYR6.4 million (3Q21: MYR463.1 million) and MYR52.4 million (MYR349.6 million), respectively. According to Axiata, the steep declines were mainly attributable to ‘significant’ foreign exchange losses totalling MYR346.7 million, higher depreciation and amortisation, and one-off additional fees and penalties of MYR151.6 million related to the use of microwave equipment in prior years by its Cambodian unit.

Commenting on the results, Axiata chairman Tan Sri Shahril Ridza Ridzuan said: ‘The board of Axiata is heartened by the group’s sustained momentum this quarter, encouraged by solid operational performance and group-wide improvements to stay resilient in the face of prevailing macroeconomic headwinds. Additionally, the rate of completions for M&As including the Celcom-Digi merger and the expansion of edotco’s tower portfolio all point to the group’s agility in navigating the current macroeconomic climate and delivering balanced results.’

Malaysia, Axiata

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