KUALA LUMPUR: Shares in Axiata Group Bhd plunged 9% in early trade Wednesday after the the telco swung to a loss in the first quarter ended March 31. Axiata slipped into the red in the first quarter ended March 31, 2018 (1QFY18), posting a net loss of RM147.41mil compared with a net profit of RM239.02mil. "Excluding the impact of Idea, net profit for the group would have been up by 34.6% or RM386.9mil," said Axiata. Loss per share were 1.6 sen compared with earnings per share were 2.7 sen. Its revenue was RM5.748bil compared with RM5.881bil. Kenanga Research cut its earnings forecasts on Axiata after 1Q18 results disappointed due to higher-than-expected OPEX and widening losses in Idea.

Source: The Star May 23, 2018 01:52 UTC