Indonesian unit XL seen as a drag on Axiata Group performance

Unispiring: Kenanga says XL’s report card may cap Axiata Group’s FY16 performance as the former contributed around 33 to the latter’s ebitda.

PETALING JAYA: Axiata Group Bhd’s unit in Indonesia showed improved results in the last quarter of 2016, but most analysts are still unimpressed, expecting PT XL Axiata to be a drag on the group’s full year ended Dec 31, 2016 (FY16) performance.

“The uninspiring XL’s report card may cap Axiata Group’s FY16 performance as the former contributed around 33% to the latter’s earnings before interest, tax, depreciation and amortisation (ebitda),” Kenanga Investment Bank said in note yesterday.