SingTel Reports Half-Year Profit Decline

(Reuters) – Singapore Telecommunications (SingTel) reported a 42% fall in its half-year profit on Wednesday, primarily due to the absence of S$1.2 billion ($896.59 million) from the divestiture of Telkomsel shares in the previous year.

Last year, Telkomsel, the Indonesian associate of Southeast Asia's largest telecom firm, agreed to merge with its parent's IndiHome broadband arm to enhance its presence in Indonesia's fixed broadband market.

SingTel's Australian unit, Optus, currently involved in a legal dispute with the country's competition watchdog, reported operating revenue of A$4.02 billion ($2.62 billion) for the past six months, consistent with the A$4.02 billion reported a year ago.

"Optus and NCS drove the positive momentum, underscoring our focus on execution and operating rigor," stated the group's Chief Executive Officer Yuen Kuan Moon.

For the six months ending September 30, SingTel’s net profit was S$1.23 billion, down from S$2.14 billion last year, and falling short of a Visible Alpha estimate of S$1.37 billion.

The company declared an interim dividend of 7 Singapore cents per share, an increase from 5.2 Singapore cents per share declared a year earlier.

Exchange Rates:
($1 = 1.3384 Singapore dollars)
($1 = 1.5321 Australian dollars)