Airtel Africa reports $57 mn profit, falling 53% in constant currency terms

Indian company's revenue grew in constant currency terms across all key business segments

Airtel Africa on Friday reported net profit of $57 million for the June 2020 quarter, aided largely by higher data consumption and mobile wallet usage.

However, net profit slumped 53.6 per cent in constant currency (CC) terms, compared to $132 million reported for the June 2019 quarter.

The decline was driven by a one-off gain of $72 million related to the expired indemnity to certain pre-IPO investors for the same period last year, as well as higher finance costs and tax outgo. 

Reporting figures in CC terms eliminates the impact of exchange rate fluctuation on a firm’s financial statements.

Net debt for the African