Ax­i­ata Q1 net profit drops 35.1pc

New Straits Times - - Business -

KUALA LUMPUR: Ax­i­ata Group Bhd’s net profit dropped 35.1 per cent to RM239.02 mil­lion in the first quar­ter ended March 31, from RM368.26 mil­lion in the same quar­ter a year ago. Ax­i­ata said the de­crease in net profit was due to higher de­pre­ci­a­tion and amor­ti­sa­tion charges, cou­pled with higher fi­nance costs and share of losses from as­so­ciates. In the same quar­ter, Ax­i­ata’s rev­enue in­creased 17.4 per cent to RM5.88 bil­lion from RM5 bil­lion due to higher rev­enue con­tri­bu­tion from its Nepal and Bangladesh busi­nesses.

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