Axiata Group Bhd posted net profit of RM63.89 million in the first quarter ended March 31, down 88.9% from the RM402.69 million a year ago.
The company said on May 19 the lower profit was mainly due to the foreign exchange loss of RM216.2 million in 1Q compared with RM42.4 million foreign exchange gains a year ago.
“The drop was also attributed to the higher finance cost in the current quarter by RM166.7 million predominantly arising from the amount owing to Telekom Malaysia and loans for the Idea Cellular Ltd (Idea) acquisition amounting to RM112.4 million.
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