Logo of Phnom Penh Post newspaper Phnom Penh Post - Competition a drag on Axiata’s quarterly profits

Competition a drag on Axiata’s quarterly profits

Competition a drag on Axiata’s quarterly profits

Malaysia’s Axiata Group, the parent company of Cambodian telecom operator Smart Axiata, posted last week that net profit fell by 7 percent in the third quarter of this year, primarily driven by increased competition in India and Malaysia, despite revenue for the group increasing by 13.6 percent, according to the firm’s financial report.

Net profit for the three-month period amounted to $57.9 million compared to $62.2 million during the same period last year.

Revenue, primarily derived by data consumption among its 320 million subscribers across 10 countries, increased from $1.3 billion to $1.5 billion when compared to the same period last year.

As for Smart Axiata, the parent company said that despite increased pricing competition, revenue and profit after tax grew by 9.3 percent and 8.9 percent respectively, with data revenue increasing by 35.2 percent.

MOST VIEWED

  • US think tank warns of China's 'ulterior motives'

    A US think tank on Tuesday warned that spreading Chinese investment in the Indo-Pacific follows a pattern of leveraging geopolitical influence at the expense of the nations receiving investment, including Cambodia. The report looks at a sample of 15 Chinese port development projects, noting that the

  • More than three tonnes of ivory reportedly bound for Cambodia seized in Mozambique

    A total of 3.5 tonnes of ivory reportedly bound for Cambodia was seized by authorities in Mozambique late last week, according to the NGO Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). CITES' information was based on a report from the

  • Defence Ministry denies weapons in smuggling case came from Cambodia

    After a Thai national was arrested last week for allegedly smuggling guns from Cambodia to Thailand, Cambodia's Defence Ministry has claimed the weapons seized during the arrest are not used in Cambodia, despite the fact that both types of rifle seized are commonly found in

  • Shipwreck found off coast of Koh Kong

    Royal Cambodian Navy researchers are working to identify a decades-old shipwreck found earlier this month off the coast of Koh Kong province. Divers found the 70-metre-long wreck on April 4 about a mile from Koh Chhlam island, according to Navy officials. Deputy Navy Commander Tea Sokha,