Singtel posts first ever quarterly loss on Bharti Airtel charge; company's annual profit falls 44%
Singtel, Southeast Asia’s largest telecoms firm, reported a 3 percent rise in underlying net profit to S$737 million for the quarter.
-
Singtel, Southeast Asia's largest telecoms firm, reported a 3% rise in underlying net profit to S$737 million for the quarter
-
The company reported a net profit of S$3.10 billion ($2.27 billion) for the year ended March versus S$5.47 billion a year ago
-
Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35 percent
Singapore: Singtel posted a second-quarter loss of S$668 million ($491.29 million) hurt by a one-time charge recorded by India’s Bharti Airtel.
Representational image. Reuters.
Bharti Airtel said it made a provision of Rs 28,450 crore ($3.99 billion) after India’s Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay Rs 92,000 crore in overdue levies and interest.
Singtel or Singapore Telecommunications, Southeast Asia’s largest telecoms firm, reported a 3 percent rise in underlying net profit to S$737 million for the quarter.
Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35 percent.
Meanwhile, Singtel said that its 2018 net profit fell 44 percent after a challenging year marked by tough competition for its local and international businesses.
The company reported a net profit of S$3.10 billion ($2.27 billion) for the year ended March versus S$5.47 billion a year ago.
Its underlying net profit, which excludes exceptional items, fell 21 percent to S$2.83 billion.
also read
SingTel likely to raise stake in Airtel promoter; telco to become a foreign entity
Singapore-based telecom major SingTel may raise stake in Bharti Telecom, a promoter entity of Airtel, to more than 50 percent, making the country's first private telecom services provider a foreign entity
SingTel to pay $302 mn for more stake in Bharti Airtel
SingTel, Southeast Asia's largest telecommunication operator, said it had agreed to buy 788,538 shares, or 3.62 percent, of Bharti Telecom. Bharti Telecom holds approximately 43.57 percent of Bharti Airtel.
Bharti Telecom seeks Rs 4,900 cr FDI nod; infusion from Singtel, other entities to make Airtel foreign firm
Bharti Telecom holds around 41 percent stake in Bharti Airtel while foreign promoter entities hold 21.46 percent stake in the telecom firm