Airtel Africa reports $7 million net profit for Q1, revenue drops 16%

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Airtel Africa reports $7 million net profit for Q1, revenue drops 16% - Business Standard

Quick Summary:

Bharti Airtel's Africa unit Airtel Africa has reported a consolidated net profit of USD 7 million for the June 2024 quarter against a USD 170 million loss in the year-ago period.

Its net profit was primarily impacted by the USD 80 million of exceptional derivative and foreign exchange losses (net of tax) and lower EBITDA due to significant currency devaluation across key markets, Airtel Africa said.

It had reported a loss of USD 91 million for the fourth quarter ended March 2024 on account of tax impact and forex loss.