Axiata Group turned around its Q3 performance, booking a profit in the recent period compared with a loss in the comparable phase of 2023, despite a stutter in overall revenue to which forex losses were a contributing factor.

A net profit of MYR976.7 million ($219.7 million) was a far cry from the MYR797.4 million loss Axiata booked in Q3 2023, with company chiefs crediting gains at all but three of its operating companies.

Axiata CEO and MD Vivek Sood stated it is “making notable progress in its value creation journey, underpinned by operational excellence and fiscal discipline”.

Chair Tan Sri Shahril Ridza Ridzuan highlighted “strong” performances across Axiata’s core business segments of “digital telcos, infrastructure and digital businesses”.

Overall revenue fell from MYR5.6 billion to MYR5.3 billion as Axiata recorded a forex loss compared with a slight gain in Q3 2023.

It used earnings documents to note it sought to reduce its exposure to forex volatility through a sequential increase in its foreign hedged debt position.