Bharti Airtel Misses Estimates on Nigeria Hit, 5G Roll Out
- Firm takes Nigeria FX loss after country devalued its currency
- India’s mobile network operators are investing heavily in 5G
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Bharti Airtel Ltd. reported lower-than-expected quarterly profit as India’s second-biggest wireless phone operator intensified its 5G network roll out and took a foreign-exchange hit on its Nigerian business.
The firm controlled by billionaire Sunil Bharti Mittal posted a net profit of 16.1 billion rupees ($195 million) for the quarter ended June, according to a statement Thursday. That undershot the average 28.61 billion-rupee net profit estimated by analysts surveyed by Bloomberg.