PETALING JAYA: Axiata Group Bhd recorded a net loss of RM147.4mil for the first quarter, down from a net profit of RM239mil a year ago, mainly attributed to losses on dilution of the group’s investment in India. In its filing with the stock exchange, the group said revenue would have grown 7.7% year-on-year at the constant currency level of 1Q17. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the group also dropped 5.5% as a result of lower revenue. The group’s profit after tax for the period fell more than 100% on the back of a RM94.4mil loss, mainly attributed to loss on dilution of its investment in India of RM357.6mil. The group said its India associate continued to face intense market aggression, contributing to the over 100% fall in profit after tax and minority interests.

Source: The Star May 22, 2018 21:33 UTC