Business

Maxis Q3 net profit drops 18pc

KUALA LUMPUR, Nov 28 – Malaysia’s mobile phone operator Maxis Bhd said today its net profit for Q3 ended Sept. 30 dropped 18 per cent to RM442 million from RRM537 million a year ago amid higher expenses for devices and information technology.

Revenue fell one per cent to RM2.2 billion year-on-year, the company said in a stock exchange filing.

Maxis said it will pay a dividend of eight sen, the same amount as a year ago.

Net profit for the nine months period ended Sept. 30 dropped nine per cent to RM1.48 billion, making up 65.5 per cent of the RM2.29 billion full year profit estimate of analysts tracked by Thomson Reuters I/B/E/S.

Maxis said it will focus on operational and cost efficiencies, amid a competitive market.

Maxis shares closed 2.04 per cent higher at RM6.50 per share, outperforming/underperforming the Malaysian benchmark stock index’s 0.52 per cent rise. – Reuters

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