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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.

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