KUALA LUMPUR, Malaysia--Telekom Malaysia Bhd. (4863.KU), Malaysia's fixed-line operator, said Tuesday that its net profit for the first quarter dropped 28.5% compared with the same period a year ago mainly due to the impact of lower foreign exchange gains on its borrowings.
Net profit for the January-March period declined to 230.43 million ringgit ($53.53 million) from MYR322.44 million a year ago, according to a local stock exchange filing.
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Revenue, however, climbed 3.8% to MYR2.96 billion during the quarter from MYR2.86 billion a year ago mainly due to higher revenue from Internet and multimedia, data, other telecommunication and non-telecommunication related services, according to the filing.
Telekom Malaysia said it expected the outlook for the months ahead to remain positive, and added that its Internet offering, called UniFi, continues to enjoy positive take-up to date.
Shares of Telekom Malaysia at the midday break, before the earnings release, were 0.9% lower at MYR6.44. The stock has climbed 9% year-to-date.
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(END) Dow Jones Newswires
May 23, 2017 01:30 ET (05:30 GMT)