SingTel's quarterly profit grows 7.7%

Dylan Bushell-Embling
13 Aug 2009
Daily News

SingTel's net profit grew 7.7% to S$945 million ($655 million) last quarter, but profit growth was constrained by forex losses.

Groupwide revenue grew 1.9% to S$3.85 billion, while the parent company saw a 10.3% increase in revenue, SingTel said.

But the result missed market forecasts, Reuterssaid. Analysts were on average expecting revenue of S$985 million.

Australian subsidiary Optus posted revenue of S$2.52 billion – a 2.3% decrease in Singapore dollars, but a 12.4% increase in local currency. Had conversion rates remained stable compared to last year, revenue would have grown 12%, SingTel said.

The company added 64 million customers across its operator group in the past year, bringing its subscriber base to 262 million.

Indian operator Bharti Airtel, in which SingTel owns a 31% stake, accounted for more than half of these additions, and recorded its highest-ever quarterly increase of 8.4 million new customers.

Optus expended its customer base 11% from a year ago to 8 million, while SingTel added 15,000 new subscribers in Singapore during the quarter, and 238,000 from a year ago.

In Singapore, SingTel increased its mobile revenue 7.1% year-on-year to S$372 million, while Optus increased its mobile revenue 21% to A$1.34 billion ($1.12 billion).

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