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Robi's profit skyrockets

It made a profit of Tk 172.35 crore in the first three quarters, a three-fold rise

Robi Axiata Ltd, the country's second-largest mobile telecommunications service provider, said its profit surged three-fold in the first three quarters to the end of September this year, buoyed by increased data revenue and reduced expenses for foreign exchanges.

The telecom operator recorded Tk 172.35 crore in net profit in January-September 2023, up 203 percent from Tk 56.85 crore during the same period a year ago, it said in an unaudited financial statement published today.

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"We have invested continuously in network expansion and brought about changes in our sales and distribution. Nearly half of our customers now recharge digitally," said Mohammed Shahedul Alam, chief corporate officer of Robi Axiata.

Robi, which was listed with the stock exchange in December, 2020, said its revenue grew 16 percent year-on-year to Tk 7,431 crore in the January-September period this financial year compared to the same period the previous financial year.

Alam said Robi logged increased revenue from internet data services.

The telecom operator also trimmed its cost of revenue slightly during the period, according to the financial statements approved by its board today.

But the major gain came from a reduction in foreign exchange expenses.

Robi cut its expenses on foreign exchange by nearly one-third to Tk 120 crore during the January-September period from Tk 311 crore a year ago.

Robi's Earning Per Share (EPS) surged to Tk 0.33 in the January-September period of this financial year ending in December. Its EPS was Tk 0.11 in the same period a year ago.

The mobile telecommunications service provider also recorded increased profit in the July-September quarter of this financial year.

Robi said its earnings surged 261 percent year-on-year to Tk 105 crore in the July-September period compared to a year ago.

Shares of the company closed unchanged at Tk 30 on the Dhaka Stock Exchange today.