Asian growth boosts SingTel earnings

SingTel, Southeast Asia's largest phone company, posted a 9.6% rise in quarterly underlying profit, as robust Asian mobile growth offset a margin squeeze at its Australian unit Optus, a Reuters report said.

The Reuters report said SingTel, Singapore's largest listed firm, maintained its guidance for higher earnings before interest, tax, depreciation and amortisation and single-digit operating sales growth for its domestic operations in its fiscal year ending March.

The state-controlled firm made underlying net profit before goodwill and exceptionals of S$931 million ($658 million) for the fiscal third quarter ended December 31, compared with S$850 million ($600.8 million) in the year-ago period, the Reuters report said.

The result was above an average net profit forecast of S$918.8 million ($649 million) from a Reuters survey of five analysts.

Excluding compensation from the Singapore telecoms watchdog for loss of monopoly status, SingTel's underlying net profit surged 22%, the report added,.

Attributable net profit, however, fell 4.2% to S$952.3 million ($673 million) due to foreign exchange losses and after the year-earlier quarter was boosted by exceptional gains from a property sale, the report said.

Group operating revenue jumped 11% to S$3.83 billion ($2.3 billion), thanks to higher revenues in Singapore and the appreciation of the Australian dollar.

Suggested Articles

Wireless operators can provide 5G services with spectrum bands both above and below 6 GHz—but that doesn't mean that all countries will let them.

Here are the stories we’re tracking today.

The 5G Mobile Network Architecture research project will implement two 5G use cases in real-world test beds.