Foreign-exchange losses affect Axiata 1Q results

Meanwhile, Axiata’s revenue in the quarter increased 6.69% year-on-year (y-o-y) to RM6.47bil from RM6.06bil in the previous corresponding quarter.

PETALING JAYA: Axiata Group Bhd slipped into losses in the first quarter (1Q) ended March 31 after a weaker ringgit and the Sri Lankan rupee caused unrealised foreign-exchange (forex) losses of almost half-a-billion ringgit.

Coupled with higher tax contributions due to the one-off Cukai Makmur, the telecommunication giant reported a net loss of RM42.97mil in the January-March 2022 period. In comparison, the group recorded a net profit of RM75.56mil in the previous corresponding quarter.