Malaysia's top mobile operator Maxis Communications said Friday its 2003 net profit grew 94 percent to RM1.84 billion (US$484 million) due to internal restructuring.

Maxis said net profit soared from RM950 million in the previous year following the recognition of an RM828 million deferred tax asset.

Sales for 2003 came in at RM4.68 billion, compared with RM3.77 billion a year earlier, while pretax profit amounted to RM1.27 billion, against RM1.28 billion.

Operating profit for the year amounted to RM1.36 billion, as opposed to RM1.34 billion previously.

Maxis said 2003 saw the introduction of various campaigns and promotional programs to attract more subscribers, which rise 44 percent or 1.37 million users to put the total at 4.464 million at December 31.

As a result of the strong subscriber growth, Maxis said it managed to book revenue of RM4.68 million.

It said mobile data revenue rose 120 percent, or 294 million, over the level in the preceding year, while data revenue as a percentage of mobile revenue increased from seven percent to 12 percent in 2003.

Internal restructuring completed

Maxis said during the year, the internal restructuring of the group's activities was also completed, a result of which two wholly-owned subsidiaries were able to recognize deferred tax asset of 296 million ringgit and 532 million ringgit respectively.

"Consequently, the total deferred tax asset recognized resulting from the internal restructuring was RM828 million," it said.

For the fourth quarter to Dec 2003, net profit amounted to RM1.09 billion against RM243 million a year earlier.

Sales for the fourth quarter came in at RM1.3 billion, compared to RM1.02 billion a year earlier, while pretax profit amounted to RM229 million, as opposed to RM332 million previously.

On the outlook, Maxis said it expects its performance for the current year to be satisfactory.

Maxis, controlled by tycoon Ananda Krishnan, is Malaysia's premier telecommunications company providing voice and data services. - AFP