Home Economy Business Maxis Q3 earnings up at RM365m

Maxis Q3 earnings up at RM365m

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PETALING JAYA: Maxis Bhd’s net profit for the third quarter ended Sept 30, 2020 jumped 2% to RM365 million from RM358 million a year ago on the back of resilient earnings before interest, tax, depreciation and amortisation (ebitda) and lower operating expenses.

Normalised ebitda saw a slight decrease by 4.1% to RM924 million from RM964 million in Q3’19. Revenue fell 3.2% to RM2.21 billion from RM2.29 billion in the same quarter last year.

A dividend of 4 sen net per share was declared for the quarter. The prudent distribution during this challenging time will allow Maxis to continue their commitment to consumers, businesses, and communities and at the same time preserve cash and ensure protection of the core business.

For the nine months period, its net profit dropped 8.4% to RM1.07 billion from RM1.16 billion a year ago mainly due to loss of wholesale business and higher impairment made to receivables as the group revised the expected loss rates.

Revenue fell marginally to RM6.71 billion from RM6.72 billion in the previous year’s corresponding period.

Overall, Maxis’ Q3’20 performance reflects the company’s positive momentum of its convergence strategy, while navigating the challenges brought by Covid-19.

Maxis CEO Gökhan Ogut (pix) said it delivered another quarter of strong performance, driven by its agility in adapting to a rapidly changing and challenging environment.

“Keeping our employees, customers and the communities safe continue to be a priority while we focus on providing reliable connectivity and an unmatched personalised experience. For enterprises, we are committed to developing innovative solutions and being a key partner in helping them achieve their digital ambitions. We are doubling down on our convergence, fibre and Enterprise strategy to continue to create value for our stakeholders,” he said in a statement today.

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