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Axiata Profit Falls 7.9% In 2014

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Malaysia-based Axiata Group has reported a 7.9% decline in net profit for 2014, as its Celcom Axiata subsidiary’s performance was weighed down by a sluggish domestic market.

The group reported a net profit of 2.3 billion ringgit ($638.6 million). Revenue grew 1.9% year-on-year to 18.7 billion ringgit, but would have improved 4.4% in constant currencies.

Data revenue increased across each of Axiata’s markets, with total data revenue up 31.5% year-on-year.

Profit from Axiata’s Malaysian mobile subsidiary Celcom fell 12.4% and revenue declined 3.5% following eight years of strong growth. Axiata blamed costs associated with the company’s major IT transformation project as well as a slowdown in the overall market. Original post at Telecom Asia

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Wahengbam Rorrkychand

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