Telekom Malaysia Q1 net up 9%
Malaysia’s dominant phone company, Telekom Malaysia, reported 9% growth in Q1 net profit Monday and said it was on track to achieve its performance targets for the year.
By Agencies |
KUALA LUMPUR: Malaysia’s dominant phone company, Telekom Malaysia, reported 9% growth in Q1 net profit Monday and said it was on track to achieve its performance targets for the year. But it gave a tough outlook, especially for its fast-growing offshore operations, warning of intense competition and, in Sri Lanka, political unrest as well.
Telekom operates in India, Indonesia, Sri Lanka, Bangladesh, Cambodia, Pakistan, Guinea and Malawi. It is targeting less-developed markets to offset slowing growth at home, where more than three-quarters of Malaysians own a mobile phone.
Telekom has a monopoly of the domestic fixed-line business, which is in decline, and is the second-largest mobile phone operator in Malaysia with about 6.2 million subscribers. It reported net profit of 595.7 million ringgit ($175 million) for the three months ended March 31, up from 545.6 million ringgit a year earlier. Revenues jumped 10% to 4.18 billion ringgit.
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