KUALA LUMPUR, Nov 10 — Maxis Bhd’s net profit for the third quarter (Q3) ended Sept 30, 2023 dropped to RM287 million from RM308 million in the same period last year.

However, revenue grew by 1.5 per cent, or RM37 million to RM2.44 billion against RM2.41 billion previously on the back of service revenue growth of 1.8 per cent year-on-year (y-o-y) to RM2.15 billion.

"The healthy growth in service revenue was contributed by the growth in consumer business of 2.6 per cent, which ws offset slightly by a contraction in enterprise business of 1.8 per cent.

"The underlying enterprise revenue, excluding wholesale voice that was discontinued in Q4 2022, grew by 6.4 per cent on the back of wholesale and core connectivity businesses,” it said in a filing with Bursa Malaysia today.

The company said earnings before interest, taxes, depreciation and amortisation in Q3 2023 were also lower than in Q3 2022, "mainly due to effects of the cost rationalisation exercise and lower government grant pursuant to lower Universal Service Provision projects fulfilled in the year 2023.”

"Capital expenditure (capex) in Q3 2023 was lower at RM215 million as network capacity stabilises, post a 3G sunset exercise that was concluded in early 2022,” it added.

Maxis said it will continue to expand its market presence via enhanced product offerings, effective channel distribution strategy and a strong focus on excellent customer service. "Maxis will continue to play an active role in promoting the adoption of 5G by consumers and enterprises, in line with the nation’s digital ambitions.”

Separately in a media statement today, Maxis said in view of the recent 5G rollout and fibre-related developments, it plans to diligently manage capex while growing its customer base and service offerings.

Maxis chief executive officer Goh Seow Eng said the top priority "is to focus on operational excellence.”

The company has declared an interim of four sen per share for the quarter. — Bernama