KUALA LUMPUR: Axiata Group Bhd
said barring any unforeseen circumstances in the macroeconomic environment, revenue growth is expected to be in line with targets and earnings before interest and taxes (Ebit) ahead of headline targets for the current financial year.
In the third quarter ended Sept 30, 2024, the telco said net profit was RM976.67mil, which compares to a net loss of RM797.41mil in the year-ago quarter. Earnings per share rose to 10.6 sen against a loss per share of 8.7 sen.
According to the group, the strong performance was driven by higher revenue, finance income, share of results from associates and improved forex gains.
The group's revenue for the quarter under review was RM5.32bil, a decline from RM5.62bil in the comparative quarter.
For the nine months period, Axiata's net profit was RM1.17bil on revenue of RM16.74bil, against a net loss of RM1.3bil and revenue of RM16.21bil in 9MFY23.
Axiata chairman Tan Sri Shahril Ridza Ridzuan said the group reported strong financial results from all three core business segments - digital telcos, infrastructure and digiutal businesses.
"Axiata remains committed to strengthening the business by optimising use of capital and improving operational efficiencies. The group will continue to focus on optimising our portfolio of investments as a driver for future value growth," he added.
Group CEO and managing director Vivek Sood, meanwhile, said the group remained optimistic while acknowledging challenges such as heightened competition in Indonesia and Malaysia, uncertainties in Bangladesh and funding requirements for fibre development in Indonesia.
"We foresee potential opportunities from stabilising currencies, synergy extraction from merged companies and sustained benefits from portfolio optimisation and asset monetisation.
"We expect to achieve full-year revenue growth targets, with EBIT growth anticipated to exceed headline KPIs.”
