Smart acquisition paid off for Malaysian firm

21 February 2014
The Phnom Penh Post
Communications / Communications infrastructure / Communications policy and administration / Economic policy and administration / Economy and commerce / Foreign investors / Infrastructure / Internet / Investment / Telephone
Axiata / Bangladesh / China Metrix / Malaysian aid / Shanghai / Smart / Thomas Hundt

Axiata, the Malaysia-based parent company of Cambodia’s second-largest telecommunications provider, Smart, posted a rise in total revenues for 2013 to $5.5 billion. The boost represents a 4.1 per cent increase from the fourth quarter of the previous year.

Driven by its Malaysian, Bangladeshi and Cambodian operations, Axiata’s end-of-year financials – which were revealed in a statement on its website yesterday – show that compared to 2012, gross revenue from the Cambodian side increased 206 per cent last year, while net profit increased 182 per cent.

Attracted by the large pool of subscribers to Smart, Axiata’s local subsidiary, Hello, bought the firm in February of 2013 for $156 million. In the financial statement yesterday, the acquisition was named as the stand-out reason for the positive financial results. ...

 Eddie Morton
http://www.phnompenhpost.com/business/smart-acquisition-paid-malaysian-firm