By Chester Tay
Maxis Bhd.'s net profit for the second quarter dropped 14% from a year earlier, mainly due to its weaker wholesale business and higher impairment of receivables amid the Covid-19 pandemic.
Net profit for the April-to-June period fell to 343.0 million ringgit ($80.7 million), while revenue fell 2.5% to MYR2.15 billion, the cellular service provider said in a stock exchange filing Thursday.
Maxis' net profit for the first half of the year declined 13% from a year earlier to MYR701.0 million, while revenue for the six-month period grew 1.2% to MYR4.49 billion.
Maxis said given the economic uncertainties created by Covid-19, its management decided it is prudent to not disclose a new outlook guidance. The group had in April withdrawn its 2020 guidance.
Write to Chester Tay at email@example.com