SINGAPORE, June 17 — Mobile phone operator Axiata is expected to post foreign exchange gains in April and May, after its first quarter results were hit by foreign exchange losses, its chief said today.
Axiata’s chief executive officer Datuk Seri Jamaludin Ibrahim told Reuters in an interview that the planned sale of its 84 per cent stake in Indonesian unit PT Excelcomindo Pratama Tbk is on track to be completed this year.
“It will be anytime in the next one or two months for us to agree on that, we are very close,” Jamaludin said.
The state-owned firm is also planning to gradually launch a music-based application service, which will be completed by end of 2010 to boost revenue from non voice services.
Axiata, which owns mobile assets in Indonesia, Sri Lanka and India, saw its first quarter net profit fall by 84 per cent due to foreign exchange loss and weaker performance of its overseas subsidiaries. — Reuters
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