By Chester Tay
Axiata Group Bhd.'s second-quarter net profit plunged 64%, weighed by lower revenue due to the coronavirus pandemic, higher depreciation and lower gains on disposal.
Net profit dropped to 80.0 million ringgit ($19.2 million), while revenue fell 5.9% to MYR5.79 billion, the regional cellular-services provider said in a stock-exchange filing Thursday.
For the first half of the year, net profit plummeted 72% to MYR268.1 million and revenue fell slightly to MYR11.83 billion.
Axiata said it expects revenue and earnings before interest, taxes, depreciation and amortization to decline by a low-single-digit percentage in 2020.
Write to Chester Tay at firstname.lastname@example.org