Airtel Africa reports $7 million net profit for Q1, revenue drops 16%

Bharti Airtel’s Africa unit Airtel Africa has reported a consolidated net profit of $ 7 million for the June 2024 quarter against a $ 170 million loss in the year-ago period.

Its net profit was primarily impacted by the $ 80 million of exceptional derivative and foreign exchange losses (net of tax) and lower Ebitda due to significant currency devaluation across key markets, Airtel Africa said.

It had reported a loss of $ 91 million for the fourth quarter ended March 2024 on account of tax impact and forex loss.