Telekom Malaysia revealed its Q1 profit shrank 14.9% to 213.2 million ringgit ($69.4 million), primarily due to forex losses.
The fixed-line incumbent reported 1.7% higher revenue of 2.4 billion ringgit, attributing the growth to internet and data services gains.
But foreign exchange losses of 18.6 million ringgit on borrowings – compared to a 67.9 million ringgit gain a year earlier – drove down the bottom line. Excluding the forex hit, profit would have grown 27.6% to 234 million ringgit.
Telekom Malaysia's broadband customer base grew 6.8% year-on-year to 2.11 million. Growth during the quarter was primarily driven by the company's UniFi fiber broadband service, which now has around 560,000 customers and passes some 1.4 million premises.
Internet services revenue grew 14.4% YoY to 644 million ringgit, while data revenue grew 13.8% to 685 million ringgit.
“Overall, we continue to show good progress on our business transformation efforts, amidst a heightened competitive environment,” Telekom Malaysia group CEO Dato' Sri Zamzamzairani Mohd Isa said.
The company expects its growth prospects for the rest of the financial year to “remain positive,” the results announcement states, without providing any specific estimates.