Airtel Africa reports $151 million loss in Q1 2023-24

New Delhi, Airtel Africa on Thursday reported a loss of USD 151 million (about Rs 1,237 crore) for June quarter 2023-24. In the year-ago period, it logged a profit of USD 178 million, a company statement said.

Revenue in constant currency terms grew 20.4 per cent year-on-year to USD 1,377 million in the first quarter of the current fiscal, it said.

"Despite the strong operating performance, our results have been impacted by foreign exchange headwinds. This quarter saw the announcement of the change to the forex market in Nigeria, which resulted in a significant naira devaluation," Airtel Africa Chief Executive Officer Olusegun Ogunsanya said.

She added that the company has "welcomed this reform as very positive" for the medium and long-term development of their business in Nigeria, calling it their "largest market".

Airtel Africa's mobile services revenue in April-June period grew 19 per cent in constant currency terms, driven by 12 per cent rise in revenue from voice calls and data revenue growth of 30 per cent, the company stated.

Capital expenditure for the company was flat at USD 140 million as compared to the year-ago period as it "continued to invest for future growth", it added.