Airtel Africa loss swells to $104 mn in Jan- March

Bharti Airtel-owned Airtel Africa on Thursday reported a $104-million loss in the January-March quarter, significantly up from the $6-million loss in the preceding quarter. The loss expanded largely due to foreign exchange losses amid devaluation of Nigeria and Malawi currency.

In the year-ago period, the company reported a net profit of $195 million.

The fall in revenues also weighed on the bottomline during the quarter. Revenue from operations fell 9.7% sequentially to $1.1 billion from $1.2 billion. On a year-on-year basis, the revenue fell 17% owing to currency devaluation.