Airtel Africa's Profit Falls 9% To $88 Million On Higher Finance Cost
In constant currency terms, Airtel Africa recorded a growth of 19.5 per cent to $472 million in operating profit on a constant currency basis
Topics
Airtel Africa | Bharti Airtel
The revenue growth in data was 33.4 per cent and that in mobile money was 30.4 per cent, during the quarter.
Bharti Airtel’s Africa unit on Friday reported a 9 per cent fall in its profit after tax (PAT) to $88 million for the quarter ended September on account of higher finance cost. The company posted a PAT of $96 million in the year-ago period.
However, the company’s revenue grew by 14 per cent at $965 million, against $844 million in the corresponding period last year, driven by increased data usage and mobile money. The revenue growth in data was 33.4 per cent and that in mobile money was 30.4 per cent, during the quarter. The two contribute 40 per cent to the company’s overall revenue.
In constant currency terms, Airtel Africa recorded a growth of 19.5 per cent to $472 million in operating profit on a constant currency basis, the company said in a statement.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Sat, October 24 2020. 01:14 IST
JPMorgan's Berlin Moment: Chase Takes On Europe
There is something quietly symbolic about JPMorgan Chase choosing Berlin as its gateway into continental Europe. In a fo... Read more
What Strategy's Bitcoin Sale Really Tells Us
There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more
Coutts Sets Scope On New Continent
Coutts steps into private marketsCoutts, the private bank best known for serving Britain’s wealthiest families and the... Read more
From Cypherpunk To Citadel
How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more
ACB Securities: Building Scale, Trust & Innovation
ACB Securities: Building Scale, Trust and Innovation in Vietnam’s Capital MarketsACB Securities (ACBS) is emerging as ... Read more
War Risk Returns To Markets As VIX Surges
For most of the past year, global markets behaved as though geopolitical risk had largely disappeared. Inflation was eas... Read more