Singtel's annual profit plunges 65% on Bharti Airtel snag
(Reuters) - Singapore Telecommunications Ltd on Thursday said full-year net profit plummeted 65.2% as it faced tough competition in Australia and took a S$1.80 billion (1.04 billion pounds) hit related to its stake in Bharti Airtel Ltd's . Singtel, Southeast Asia's largest telco, reported net profit of S$1.07 billion for the year ended March, compared with S$3.10 billion a year earlier.
(Reuters) - Singapore Telecommunications Ltd
Singtel, Southeast Asia's largest telco, reported net profit of S$1.07 billion for the year ended March, compared with S$3.10 billion a year earlier. Underlying net profit, which excludes exceptional items, fell 13% to S$2.46 billion.
The company almost halved its final dividend to 5.45 Singapore cents a share, down from 10.7 cents announced last year.
Weakness in the January-March quarter was exacerbated due to continuing data price competition and soft consumer sentiment in Australia, along with lower equipment sales and margins, the company said.
Singtel's operating revenue for the year slipped 2% to S$16.54 billion as the onset of the coronavirus outbreak in February pressured operations further.
Singtel, which is effectively the largest shareholder in Bharti Airtel, had to make provisions in its full-year results in relation to the Indian telco making payouts for spectrum charges and licence fees.
(Reporting by Anushka Trivedi in Bengaluru; Editing by Christopher Cushing)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. consumer confidence jumped to a 14-month high in April as increased vaccinations against COVID-19 and additional fiscal stimulus allowed for more services businesses to reopen, boosting demand and hiring by companies. The upbeat survey from the Conference Board on Tuesday, which also showed a strong increase in vacation plans, suggested the economy continued to power ahead early in the second quarter after what appears to have been robust growth in the first three months of the year, believed by many economists to have been the second strongest since 2003.
(Reuters) - The space race between the world's two richest men went into hyperdrive on Tuesday after Tesla chief Elon Musk took a swipe at Jeff Bezos' attempt to challenge a major NASA contract. The two billionaires, who have been trying to launch long-range orbital rockets, were competing for a coveted contract from the government to build a spaceship to deliver astronauts to the moon as early as 2024. Musk won.
By Shivani Kumaresan and Noel Randewich (Reuters) - The S&P 500 and Nasdaq closed at record highs on Monday, fueled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week. The Nasdaq's record high close confirmed the end of an 11% correction in the index that began after its previous record high close on Feb.