Axiata : Net Profit Rose 97% in 3Q

By Chester Tay

Axiata Group Bhd.'s third-quarter net profit jumped 97% on the back of reductions in tax, operating costs, foreign-exchange losses, and depreciation and amortization.

Net profit came in at 353.0 million ringgit ($86.8 million), although revenue declined 1.6% from a year earlier to MYR6.11 billion, the regional telecommunication group said Friday.

For the first nine months of 2020, net profit dropped 45% on year to MYR621.1 million, while revenue fell 2.1% to MYR17.94 billion, the company said.

Axiata said it expects full-year revenue and earnings before interest, tax, depreciation and amortization to decline by low-single-digit percentages compared with 2019, as a result of pandemic-related disruption.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

11-27-20 0015ET