Singapore: Southeast Asian telecom giant Singapore Telecom said Thursday its first-quarter profit rose 13 per cent from a year earlier, boosted by a one-time gain from its Indian business and strong earnings from regional associates.
Net profit in the three months to June came in at 942 million Singapore dollars (Dh2.5 billion, $676 million), Singtel said in a filing to the Singapore Exchange, while group revenue rose 1.5 per cent to Sg$4.21 billion.
Profit at Southeast Asia’s biggest telecom operator by revenue was bolstered by a one-off gain of $g$47 million after its Indian associate Bharti Airtel sold mobile tower assets in Africa.
Singtel also reported strong contributions from regional telecom firms, in which it has substantial investments, and an eight per cent rise in the group’s combined mobile subscribers from a year ago to 565 million.
“This quarter’s results reflect the strong execution in our business,” group chief executive Chua Sock Koong said in a statement.
Mobile associates
“We are accelerating investments in spectrum, networks and systems, and transforming our cost structure.”
Singtel said its mobile phone associates in Thailand, the Philippines, Indonesia and India delivered “strong earnings as network investments continue to accelerate data adoption, and 3G handset and smartphone penetration increased”.
Singtel said its share of pre-tax earnings from its regional associates climbed 5.2 per cent to Sg$625 million.
The Singapore firm has expanded from its small domestic market by taking large stakes in major Asian telecom operators and has a wholly owned subsidiary in Australia, Singtel Optus.
