Singtel Q2 underlying net profit drops 22 pct, Telecom News, ET Telecom

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SINGAPORE: Singapore Telecommunications Ltd on Thursday reported underlying net profit fell 22 % within the second quarter, hit by decrease contributions from a few of its regional associates and a stronger Singapore greenback.

Southeast Asia’s largest Telecom operator posted net profit of S$667 million ($486 million) for the three months resulted in September, in contrast with S$2.85 billion a 12 months in the past. Last 12 months’s outcomes included an distinctive acquire from the partial divestment of its stake in its broadband unit NetLink Trust.

Underlying net profit, which excludes one-time objects, was S$715 million versus S$915 million a 12 months in the past.

The firm’s income was flat at S$4.27 billion.

Singtel owns stakes in various regional Telecom operators together with India’s Bharti Airtel, whose efficiency has suffered from intense competitors in its house market.

“We remain positive about our regional associates which continue to benefit from the growing demand for data and have executed well against the challenges and competition,” Singtel CEO Chua Sock Koong mentioned in an announcement.

The firm additionally largely maintained its beforehand issued forecast for the total 12 months that ends in March 2019.

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