KUALA LUMPUR: AXIATA Group Bhd’s net profit dropped 77 per cent to RM564 million for the financial year ended December 31 2016 from RM2.55 billion previously. Axiata president and chief executive officer Tan Sri Jamaludin Ibrahim said the lower profit was due to a combination of factors. Jamaludin said Celcom’s full-year net profit eased to RM976 million from RM1.3 billion previously. Axiata’s quarterly results showed a net loss of RM309 million, compared with RM467 million net profit in the corresponding period previously. Jamaludin explained Axiata needs dollar loans to invest overseas.

Source: New Strait Times February 24, 2017 06:43 UTC