Malaysia’s Axiata has reported a 7.9% year-on-year increase in revenue for the first quarter of 2023 alongside an improvement in net profit, with the company saying such developments had been ‘supported by EBITDA uplift and lower forex losses’.
For the quarter ended 31 March 2023 Axiata generated a total turnover of MYR5.379 billion (USD1.16 billion), an increase from MYR4.984 billion in the corresponding period a year earlier, though it noted that this had been driven by all operating companies bar those in Bangladesh, Nepal and Sri Lanka. Meanwhile, reported EBITDA for the quarter under review totalled MYR2.416 billion, up from MYR2.246 billion in 1Q22, although EBIT was down by 5.3% at MYR604 million. Profit after tax and minority interest (PATAMI) was reported at MYR74 million for 1Q23, a more than 100% growth against the opening three months of 2022, in which period the company recorded a net loss of MYR43 million.
Commenting on the results, Vivek Sood, Axiata’s Group CEO and Managing Director, said: ‘Kicking off the first quarter of 2023, I am pleased to announce that the team achieved steady operational performance which led to a strong top line (revenue ex-device) and bottom line (PATAMI) growth on a reported basis.’