Axiata Group cut its net loss in Q4 2024 due to lower costs in most markets, but booked double-digit revenue declines in Bangladesh, its fixed broadband business in Indonesia and regional infrastructure unit.

Net loss dropped to MYR224.8 million ($50.7 million) from MYR695 million in Q4 2023, with revenue falling 8.9 per cent to MYR5.4 billion.

Group CEO and MD Vivek Sood explained in its earnings release that despite challenges including “heightened competition in Indonesia and Malaysia, uncertainties in Bangladesh and funding requirements for Indonesia’s fibre expansion, we remain optimistic”.

“We anticipate opportunities emerging from further currency stabilisation, synergy realisation from mergers, and continued portfolio optimisation and asset monetisation.”

XL in Indonesia recorded an 80 per cent profit rise to MYR145.9 million, with revenue flat at MYR2.5 billon after converting to Malaysian ringgits.

Bangladesh-based Robi’s revenue decreased nearly 20 per cent to MYR861.1 million, with profit increasing 82.9 per cent to MYR115.3 million, mainly driven by forex gains.

Dialog in Sri Lanka saw sales increase 10.2 per cent to MYR691.1 billion and profit 37.5 per cent to MYR104.1 million.

Sales at its Cambodia unit Smart grew 6.6 per cent in constant current terms, but were flat in ringgits at MYR465.5 million.

Fixed broadband revenue in Indonesia decreased 17.6 per cent to MYR244.9 million, with the unit reporting a loss of RM114.1 million.

Edotco’s sales fell 11.1 per cent to MYF684.6 million, but profit doubled to MYR6.4 million.

Annual gain
The group recorded a full-year profit of MYR946.8 million, reversing a loss of MYR2 billion in 2023, aided by lower net finance costs and forex gains.

Capex across all operating companies except Dialog was lower. Revenue was flat at MYR22.3 billion.