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Singtel's net profit up 0.3 pct year-on-year in quarter ended on June 30

Xinhua, August 11, 2016 Adjust font size:

Singapore Telecommunications Limited (Singtel) announced Thursday that its net profit inched up 0.3 percent year-on-year to 944 million Singapore dollars (703.7 million U.S. dollars) in the quarter ended on June 30 of the current financial year.

Singtel, Southeast Asia's largest telecommunications operator, said its net profit would have risen 2.3 percent in the quarter when factoring out currency movements.

The telco noted that performance in the quarter was underpinned by its resilient core business and increased contributions from regional mobile associates. Mobile data and cyber security services are key growth drivers.

In the same quarter last year, the telco had recorded exceptional gains on the divestment of certain venture investments and Airtel Africa's tower assets. Singtel's operating revenue for the quarter ended on June 30 fell 7.1 percent year-on-year, while that in constant currency dropped 5.7 percent. The decline was due to mandated cuts to mobile termination rates in Australia. Excluding the impact of the rate reduction, operating revenue dipped 1 percent in constant currency terms

Chua Sock Koong, Singtel Group CEO, said that Singtel's associates were well-positioned to successfully drive data usage and customer growth as the group have invested extensively in 3G and 4G networks and services and with the rise of smartphone adoption.

"Across Singapore and Australia, our quality networks, differentiated content and flexible data pricing plans also helped us stand out from competitors," said Chua.

The telco said ICT was also a key performer as demand for cyber security services grew, with cyber security revenues of 109 million Singapore dollars (81.2 million U.S. dollars) for the quarter.

Chua also stressed that Singtel's ICT business is getting a solid boost from new opportunities in cyber security. Enditem