Business

Airtel Africa’s Jan-Mar net profit down 12% at $77 mn

New Delhi, May 13 (IANS) Airtel Africa on Wednesday reported a 12.5 per cent year-on-year (YoY) fall in its net profit for the January-March quarter of the financial year 2020-21 at $77 million.

During the corresponding period of the previous fiscal, the Bharti Airtel's subsidiary had reported a net profit of $88 million.

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In a statement, the company said that it recorded a total revenue of $899 million during the period under review, 15.1 per cent higher than $781 million earned during the fourth quarter of FY 2019-20.

It said that by the end of the FY 2019-20, its customer base stood at 110.6 million, higher by 11.9 per cent on a year-on-year basis.

Airtel Africa's revenue in FY 2019-20 increased by 11.2 per cent to $3,422 million, said the statement.

Its net debt was $3,247 million compared to $4,005 million in March 2019. The $758 million reduction in net debt is due to an increase in cash of $680 million from the IPO proceeds and a $122 million proceeds from cancellation of derivatives.

“As a result, leverage improved to 2.1x at the end of March 2020 from 3.0x at the end of March 2019,” it said.

–IANS

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