Beat expectations. XL’s 1HFY10 core net profit of Rp1,331.8bn (+283.6% yoy) came in above expectations, at 61.8% of our and 59.9% of the consensus full-year estimates. The variance against our forecast came largely from: 1) lower-than-expected infrastructure expenses; and 2) lower-than-expected finance costs.
Axiata Group Berhad : XL Continues To Improve - 03/08/2010
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