Singtel logs 14% rise in first-quarter profit on Optus, regional partners' boost
Singtel's improved performance highlighted price hikes for telecom services in key markets and resilient growth from its regional associates, led by Bharti Airtel, whose post-tax contribution from India and South Asia more than doubled during the quarter.
Post-tax contribution from regional associates, including Bharti Airtel, Indonesia's Telkomsel, and Thailand's AIS, grew 24.5 per cent to S$468 million.
As a result, Singtel's first-quarter underlying net profit rose to S$686 million (US$534.77 million) from S$603 million a year earlier, largely in line with the consensus estimate of S$686.9 million, according to Visible Alpha.
"We achieved a strong set of first-quarter results despite ongoing macroeconomic uncertainties and currency fluctuations," Singtel CEO Yuen Kuan Moon said.
On a statutory basis, Singtel reported a net profit of S$2.88 billion, sharply higher from S$690 million seen last year, bolstered by one-off gains from the sale of a partial stake in Airtel and the Intouch-Gulf Energy merger.
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