Malaysia’s second-largest mobile phone operator Axiata Group Bhd reported a quarterly loss after it took a 1.1 billion ringgit ($362 million) charge for its investment in India’s Idea Cellular Ltd.
Axiata reported a net loss of 367 million ringgit against a profit of 558.3 million ringgit a year earlier.
Full year net profit was at 1.8 billion ringgit, nearly a third lower than the 2.6 billion ringgit profit forecast of 21 analysts tracked by Thomson Reuters I/B/E/S.
Axiata, the only listed telecom stock in Malaysia that provides exposure to the region, was the best performing telecom stock in 2010.
Nineteen out of 27 analysts tracked by Thomson Reuters I/B/E/S have either a “Buy” or “Strong Buy” call on the stock.