KUALA LUMPUR (May 25): Axiata Group Bhd returned to the black for the first quarter ended March 31, 2023 (1QFY2023) with a RM73.85 million net profit versus a RM42.97 million net loss a year earlier, driven by higher share of results from associates, mainly CelcomDigi Bhd, as well as lower taxes and foreign exchange (forex) losses.

Quarterly revenue grew 7.92% to RM5.38 billion from RM4.98 billion in 1QFY2022, mainly contributed by its mobile operations in Indonesia and Cambodia, infrastructure business and new revenue segment from fixed broadband in Indonesia.

The telecommunications group's earnings per share of 0.80 sen for the quarter contrasted against loss per share of 0.50 previously, its bourse filing showed.

The group’s share of the financial results of CelcomDigi is recorded under continuing operations from last December, following the completion of the merger between Celcom and Digi in November 2022, according to Axiata's filing.

Axiata said its earnings before interest, tax, depreciation and amortisation increased 7.6% to RM2.42 billion from RM2.24 billion, while earnings before interest and tax fell 5.3% to RM603.8 million from RM637.9 million due to higher depreciation and amortisation.

No dividend was declared for the quarter under review.

“With its sustained operational excellence, sound business fundamentals and focus on strategic key growth drivers, Axiata is poised to continue growing as a TechCo, reaching its ambition as the Next Generation Digital Champion,” Axiata chairman Tan Sri Shahril Ridza Ridzuan said in a statement.

“The board is committed to upholding the values of Uncompromising Integrity, Exceptional Performance (UI.EP) in Axiata’s efforts to mitigate associated risks faced within its operational markets.We will continue to drive the operationalisation of the group’s sustainability efforts to achieve our ESG targets,” he added.

Axiata’s share price finished down three sen or 1% to RM2.96 on Thursday (May 25), valuing the group at RM27.17 billion.