KUALA LUMPUR (May 28): Telecommunication group Axiata Group Bhd made a turnaround — after reporting four consecutive quarterly losses — by posting a net profit of RM709.05 million for the first quarter ended March 31, 2019 (1QFY19), compared with a net loss of RM147.41 million in the previous corresponding quarter (1QFY18). In a bourse filing, Axiata attributed the quarterly profit to better toplines and gain on disposal of RM113 million from divesting its stake in Singapore telco M1; however the discontinuation of profit sharing in M1 tempered its performance. This resulted in the group recording earnings per share of 7.8 sen compared to a loss per share of 1.6 sen a year prior. Quarterly revenue grew 3.5% to RM5.95 billion from RM5.75 billion a year ago, driven by better performance from all operating companies apart from mobile operations in Malaysia and Nepal. Ncell in Nepal sustained its EBITDA margin despite International Long Distance revenue pressures,” said Axiata.

Source: The Edge Markets May 28, 2019 12:22 UTC