SingTel second quarter net profit down 6.7 pc
November 11, 2010
Source: MM Network
By: MediaMughals
Singapore Telecommunications (SingTel) today reported a 6.7 per cent slide in profit during the second quarter after it was dragged down by an Indian associate's losses.
Southeast Asia's largest telecoms firm by revenue said net profit in the July-September quarter totalled 892 million Singapore dollars (USD 694 million) compared with 956 million dollars during the same period last year.
SingTel said revenue for the quarter increased 8.1 per cent on-year to 4.44 billion dollars, from 4.1 billion dollars.
The company said profit was hit by the inclusion of losses from African operations acquired by its Indian ally Bharti Airtel.
"The group's earnings were impacted by the inclusion of the first full quarter of losses from the newly-acquired Africa operations by Bharti (Bharti Africa) and the related acquisition financing cost," SingTel said in a statement.
SingTel's share of the loss suffered by Bharti's expansion in Africa amounted to 18 million dollars. |