Airtel Africa Q4 net profit down 57% at $57 million

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Airtel Africa, the subsidiary of Bharti Airtel, on Friday reported a net profit of $57 million during the fourth quarter ended June 30, a decline of 57 per cent year-on-year (YoY) as compared with $132 million in corresponding period last year.However, revenues increased by seven per cent to $851 million in the quarter as against $796 million in April-June quarter previous year.Airtel Africa has presence in 14 countries in Africa, primarily in East, Central and West Africa.“During last quarter our business was impacted by the Covid-19 pandemic, as restrictions on movements of people and ways of socialising were introduced to contain the spread of infection. In these unprecedented times, we have worked with governments, regulators, partners, and suppliers to keep customers and businesses connected as well as supporting the economies and communities,” said Raghunath Mandava, Chief Executive Officer, Airtel Africa.He said the company focussed on expanding and maintaining its network to ensure it could cope with increasing demand.“Covid-19 impacted customer usage pattern, particularly during the month of April. However, as some of these restrictions started to be lifted, customer usage trends in May and June returned to being broadly consistent with pre Covid-19 trends,” he said.The Group’s performance reflected these trends, with revenue growth accelerating in May, and ended the quarter with 13 per cent revenue growth and 61 bps of EBITDA margin expansion in constant currency.

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