Axiata posts massive RM2b net loss for FY23, confirms Myanmar exit

AXIATA Group Bhd posted a massive net loss of RM1.995 billion for the financial year ended Dec 31, 2023 (FY23) on a turnover of RM22.002 billion, compared to a net profit of RM9.751 billion the year before.

In an exchange filing for the full year today, Axiata also confirmed the group’s intention to exit Myanmar, noting that the sale was ‘highly probable’.

It said that an uncertain and deteriorating operating environment and risk of further value erosion had led to the decision of exiting Nepal and Myanmar in FY23.

It said the disposal of Nepal operations was completed on Dec 1, 2023 while discussion on the sale of Edotco Myanmar was ongoing.

Axiata said that on a continuing basis, revenue grew by 9.9% contributed by all operating companies except for digital businesses where focus remained on the path to profitability and investment in building Boost Bank in Malaysia.

It said all digital telcos have increased their revenue market share and improved monetisation with average revenue per user (ARPU) uplift. – TMR / pic BLOOMBERG