SingTel Q2 net profit down 1.2% as Bharti drags earnings

Singapore: Singapore Telecommunications (SingTel) reported on Thursday a 1.2 percent fall in second quarter net profit, falling short of analysts’ expectations as Indian associate Bharti Airtel’s contributions were once again a drag on earnings.

SingTel, Singapore’s largest firm by market capitalisation, earned S$882 million ($685.3 million) for the three month ended 30 September, down from S$892 million a year ago.

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The profit was below the average estimate of S$900 million by eight analysts surveyed by Reuters.

Underlying net profit was S$885 million, down 0.7 percent from a year ago.

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Its revenue for the quarter rose 3.9 percent year-on-year to S$4.6 billion as the total number of subscribers, including associates, grew by around 15 percent to 424 million.

SingTel’s in recent quarters has seen slower growth as its mobile phone associates in India, Indonesia and Thailand face maturing home markets and are no longer expanding as quickly.

Shares in SingTel, which is 55 percent owned by Singapore state investor Temasek Holdings, have risen by 3.6 percent this year, outperforming the 10 percent fall in the broader Singapore market.

Reuters