Axiata posts RM709mil profit in Q1

Analysts had said Axiata would have to accept the offer unless it was able to find a partner to fund a counterbid since M1 was a non-core asset. The 28.67% stake comprises 265.41 million shares.

KUALA LUMPUR: Axiata Group Bhd posted one of its best quarterly results ever led by strong revenue growth overseas and one-time gain from the disposal of a stake in a telecommunication company in Singapore, as well as other non-core ventures.

The group made a net profit of RM709mil in the three-month ended March 31 compared with a loss of RM147mil a year ago.