SingTel reports 10.4% rise in earnings

Singapore's SingTel reported that its fiscal first-quarter net profit rose 10.4% on the back of strong sales in Singapore and increased contributions from regional mobile associates, an Associated Press report said.

The Associated Press report said SingTel's net profit for the April-June quarter was S$927 million ($609 million), up from S$840 million ($549 million) in the same quarter last year.

Operating revenue increased 10.5% to S$3.57 billion ($2.35 billion) from S$3.23 billion ($2.1 billion) previously.

The report said double digit growth at its mobile and Internet businesses in Singapore boosted revenue in its home market 10% from last year to 10% to S$1.16 billion ($762 million).

In Australia, SingTel said its Optus subsidiary saw revenue rise 3.5 % to A$1.9 billion ($1.59 billion) after a marketing campaign and a focus on raising its market share in Internet services, the Associated Press report said.

Strong subscriber growth, especially at its associates in India and Indonesia, raised the post-tax profit from its regional associates 29% from a year ago to S$463 million ($304 million), the report added.

The report said apart from its operations in Singapore and Australia, SingTel owns substantial stakes in Bharti Airtel in India, PT Telkomsel in Indonesia , Thailand's AIS, Globe Telecom in the Philippines and Pacific Bangladesh Telecom.