Airtel Africa posts $151 million net loss in Q1

Mumbai: Bharti Airtel’s Africa business reported a loss of $151 million for the fiscal first quarter, hurt by higher finance cost and a depreciation of the Nigerian naira.

The company incurred a cost of $471 million because of the devaluation of the Nigerian naira in the month of June 2023, significantly increasing total finance cost to $683 million for the quarter, the company, a unit of Indian telecom major Bharti Airtel, said in a statement Thursday.