Maxis : 3Q Net Profit Rose 2.0% Although Pandemic Hurt Sales

By Chester Tay

Maxis Bhd.'s third quarter net profit grew 2.0% compared with the same period a year earlier due to the change in the useful lives of certain telecommunications equipment which resulted in lower depreciation.

Net profit rose to MYR365.0 million ringgit ($88.1 million), even though Covid-19 hurt revenue, which fell 3.2% to MYR2.21 billion, the cellular services provider said in a stock exchange filing on Friday.

Maxis said that net profit for first nine months of the year fell 8.4% on year to MYR1.07 billion, while revenue declined 0.3% to MYR6.71 billion.

Maxis maintained its decision to not provide financial guidance for 2020 as it remains hard to reliably predict Covid-19's impact on the demand for services provided by the group.

Write to Chester Tay at [e-mail]

(END) Dow Jones Newswires

10-23-20 0127ET