AAF Airtel Africa Plc

By Anthony O. Goriainoff

Airtel Africa PLC (AAF.LN) said on Tuesday that pretax profit and revenue for the third quarter of fiscal 2020 rose and that the material uncertainty around its ability to continue operating as a going concern no longer exists.

The London- and Nigeria-listed African telecommunications company said that its parent company, Bharti Airtel Ltd. (532454.BY), has successfully raised around $3 billion of additional capital and that this has reduced the level of uncertainty surrounding the financial impact of an adverse court ruling in India in October.

"The group has adequate committed and non-committed facilities to operate as a going concern," the company said.

The company said that for the three months ended Dec. 31 its pretax profit was $186 million, compared with $105 million for the third quarter of fiscal 2019.

Revenue for the period was $883 million, compared with $783 million the year before. The company said this was due to a strong performance in Nigeria and East Africa.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

January 28, 2020 03:19 ET (08:19 GMT)

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