Mumbai: Bharti Airtel’s Africa business reported a loss $151 million in the first quarter of the current fiscal as compared to a profit of $178 million a year ago, hurt by higher finance costs and the devaluation of the Nigerian naira in June.
Revenue from operations grew 9.6% year on year in Q1 FY24 to $1377 million from $1257 million the year before, and 2.68% sequentially from $1342 million in the quarter ended March 31, 2023.
“Despite the strong operating performance, our results have been impacted by foreign exchange headwinds. This quarter saw the announcement of the change to the FX market in Nigeria which resulted in a significant naira devaluation,” Olusegun Ogunsanya, chief executive officer, Airtel Africa said.
Nigeria is the largest market for Airtel Africa, and the company continues to bear a positive medium and long-term outlook for it, Ogunsanya added.
Average revenue per user (ARPU) for the company was $2.5, up 9.8% from the year before, the company said, while its total customer base was up 8.8% on year at 143.1 million.
Earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the quarter was $682 million as compared to $614 million the year before.