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Idea Cellular Ltd<\/a>, a loss-making Indian firm in which Axiata<\/a> has a stake, is undergoing a merger with Vodafone India<\/a> Ltd. The charge, amounting to 3.38 billion ringgit, was due to its reclassification from a strategic investment to a financial one on Axiata's books.
Axiata's equivalent net profit from a year ago was 407.2 million ringgit.
With Idea's merger, Axiata's 19.7 percent stake has been diluted to 16.3 percent as it did not participate in a preferential share issuance. The stake was expected to further shrink to 8.2 percent when the merger is completed.
Chief executive officer Jamaludin Ibrahim told reporters at a briefing on Friday that Idea's performance will have no impact on Axiata's financial results going forward.
\"As we have ceased equity accounting of Idea, we expect profit after tax and minority interests to return to its normalised run rate each quarter,\" he said.
The share dilution allows Axiata to review and reassess the investment but Jamaludin said there is no immediate plan to divest Idea completely.
\"We are quite opportunistic depending on the price. With the merger to become the largest (telecoms operator) in India, and the partnership with Vodafone, we are optimistic about the future,\" he said, noting also the consolidation of the market was a positive.
Revenue for the April-June period fell 3.2 percent to 5.9 billion ringgit due to an unfavourable foreign exchange impact at its Indonesia, Nepal and Cambodia businesses and losses at its Bangladesh operations.
The second-largest telecommunication firm in Malaysia by market value, Axiata said cost initiatives delivered 800 million ringgit in savings in the first half of its financial year, on track for a full-year savings target of 1.4 billion ringgit.
The group aims for 5 billion ringgit of cost reduction in the next five years.
The firm announced its appointment of Ghazzali Sheikh Abdul Khalid as interim chairman on Thursday, after former chairman Azman Mokhtar stepped down following his resignation at Axiata's largest shareholder Khazanah Nasional.
Axiata's shares rose 2.2 percent to 4.72 ringgit on Friday. Its shares have fallen 14 percent in the year-to-date.
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的想法移动有限公司印度公司的亏损的Axiata有股份,正在合并沃达丰印度有限公司的费用,总计33.8亿林吉特,是由于其重新分类从战略投资金融Axiata的一本书。
Axiata相当于上年同期净利润为4.072亿林吉特。
想法的合并,Axiata 19.7%的股份被稀释到16.3%为不参与优惠股票发行。股份将进一步萎缩8.2%时合并完成。
首席执行官伽玛鲁丁易卜拉欣上周五在新闻简布会上对记者表示,想法的表现就没有对Axiata财务业绩的影响。
“停止股权会计的想法,我们预计税后利润和少数民族利益回到正常运行速率每季度,”他说。
稀释比例允许Axiata审查和评估投资但伽玛鲁丁说没有直接的计划完全剥离的想法。
“我们很投机取巧取决于价格。与合并,成为全球最大电信运营商)在印度,和与沃达丰合作,我们对未来感到乐观,”他说,并指出市场是一个积极的整合。
4 - 6月当季收入下降3.2%至59亿林吉特由于不利的外汇的影响在印尼、尼泊尔、柬埔寨企业和损失在孟加拉国操作。
在马来西亚的第二大电信公司市场价值,Axiata说节省成本计划交付8亿林吉特财政年度的上半年,全年储蓄目标的正轨14亿林吉特。
该集团的目标是为50亿林吉特降低成本在未来五年。
该公司宣布任命Ghazzali谢赫·阿卜杜勒·哈立德为临时董事长星期四,前董事长Azman Mokhtar下台后辞职后Khazanah Nasional Axiata最大的股东。
Axiata周五股价上涨2.2%,至4.72林吉特。在今年的股价已下跌14%。
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