KUALA LUMPUR: Axiata Group Bhd posts more than RM5.0 billion net loss in 2018, no thanks to huge write-offs and impairments involving overseas units especially in India.
The group said its depreciation, impairments and amortisation totalled RM3.25 billion in the fourth quarter of 2018 and RM7.64 billion throughout the year.
The group made a RM1.66 billion net loss in the last quarter ended December 31, 2018 alone. This pushed its full-year net loss to RM5.03 billion, although group revenue remained stable at RM23.88 billion from the RM24.4 billion recorded in 2017.
Axiata president and group chief executive officer Tan Sri Jamaluddin Ibrahim said the headline numbers at a glance can be alarming and miscontrued, as it was almost all due to non-cash items that were purely accounting treatments as opposed to some fundamental performance.
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