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NewsMaxis dips into hedging reserve to offset RM69m forex loss
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Maxis dips into hedging reserve to offset RM69m forex loss
by Cals Tue 06 Aug 2013, 14:58
Maxis dips into hedging reserve to offset RM69m forex loss
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 06 August 2013 14:06
KUALA LUMPUR (August 6): Maxis Bhd has earmarked RM69 million from its cash flow hedging reserve to cover a similar amount in foreign exchange (forex) loss during the second quarter ended June 30, 2013 (2QFY13).
According to notes accompanying the mobile telecommunication network operator’s financials, Maxis had registered RM69 million worth of forex loss due to a weaker ringgit (RM) against the US dollar (USD) and Singapore dollar (SGD).
"For the current quarter, RM69 million of the cash flow hedging reserve was reclassified to the statement of profit or loss to offset the unrealised loss of RM69 million which arose from the weakening RM against USD and SGD.
Maxis said 2QFY13 net profit rose 14% to RM528 million from RM464 million a year earlier. Revenue rose to RM2.29 billion from RM2.21 billion.
First-half net profit however fell to RM1 billion from RM1.04 billion a year earlier although revenue rose to RM4.62 billion from RM4.45 billion.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 06 August 2013 14:06
KUALA LUMPUR (August 6): Maxis Bhd has earmarked RM69 million from its cash flow hedging reserve to cover a similar amount in foreign exchange (forex) loss during the second quarter ended June 30, 2013 (2QFY13).
According to notes accompanying the mobile telecommunication network operator’s financials, Maxis had registered RM69 million worth of forex loss due to a weaker ringgit (RM) against the US dollar (USD) and Singapore dollar (SGD).
"For the current quarter, RM69 million of the cash flow hedging reserve was reclassified to the statement of profit or loss to offset the unrealised loss of RM69 million which arose from the weakening RM against USD and SGD.
Maxis said 2QFY13 net profit rose 14% to RM528 million from RM464 million a year earlier. Revenue rose to RM2.29 billion from RM2.21 billion.
First-half net profit however fell to RM1 billion from RM1.04 billion a year earlier although revenue rose to RM4.62 billion from RM4.45 billion.
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