By Chester Tay
Maxis Bhd.'s third quarter net profit grew 2.0% compared with the same period a year earlier due to the change in the useful lives of certain telecommunications equipment which resulted in lower depreciation.
Net profit rose to MYR365.0 million ringgit ($88.1 million), even though Covid-19 hurt revenue, which fell 3.2% to MYR2.21 billion, the cellular services provider said in a stock exchange filing on Friday.
Maxis said that net profit for first nine months of the year fell 8.4% on year to MYR1.07 billion, while revenue declined 0.3% to MYR6.71 billion.
Maxis maintained its decision to not provide financial guidance for 2020 as it remains hard to reliably predict Covid-19's impact on the demand for services provided by the group.
Write to Chester Tay at email@example.com
(END) Dow Jones Newswires