Malaysia's largest telco reports lower net profit in Q3

State-controlled Telekom Malaysia said its net profit fell 38% year-on-year to 482.2 million ringgit ($133 million) in the third quarter to September, an Associated Press report said.

The Associated Press report said the lower profits were due to exceptional gains had made in the same period last year due to proceeds from the listing of units Dialog Telekom and Excelcomindo Pratama.

This year's third quarter revenue was up 22.5% on-year to 4.23 billion ringgit ($1.2 billion), thanks to stronger income from its cellular, Internet and multimedia segments, the company said in a statement.

For the first nine months of the year, Telekom's net profit dipped to 1.44 billion ringgit ($397 million) from 1.58 billion ringgit a year earlier, the report said.

Revenue grew 18% on-year to 12 billion ringgit ($3.31 billion) during the period.

Telekom said its domestic cellular business via unit Celcom 'remains very competitive' after recent cuts in prepaid starter pack prices and reduced international direct dialing rates in the local industry.

The company's cellular mobile subscribers fell to 7.39 million in the third quarter, from 7.6 million in the second quarter.