Friday, April 25, 2025
31.4 C
Singapore

SingTel Q1 profit drops 23% hit by Bharti Airtel woes

- Advertisement -

SINGAPORE: Singtel has reported a $483 million net profit in the first quarter ending on June 30, a 23.1 per cent drop from $628 million in the corresponding period a year ago.

The drop was attributed mainly to foreign associates. The telco suffered an exceptional loss of $88 million in the 2024 financial year first quarter ending on June 30 whereas it made an exceptional gain of $129 million in the 2023 financial year first quarter.

The loss stemmed from Indian associate Bharti Airtel’s foreign exchange losses from a devaluation of the Nigerian naira against the US dollar. Singtel also suffered a fair value loss of $52 million from Airtel’s foreign currency convertible bonds.

A 9 per cent drop in the value of the Australian dollar also hit revenue. Operating revenue from Optus, the Singtel-owned Australian telco, fell 8.2 per cent to $1.8 billion from $1.9 billion.

- Advertisement -

SingTel’s Chief Executive Officer Yuen Kuan Moon said. “While we saw better performances and higher contributions from our regional associates as market dynamics improved, increased competition and continued declines in legacy services impacted our core telco business in Singapore and Australia.”

 

- Advertisement -

Hot this week

Fearmongering? — PM Wong’s comments on “formidable” opposition draw criticism

SINGAPORE: Concerns of fear-mongering have emerged online in the...

PSP leaders assert PAP 4G has “lost its way”

SINGAPORE: Progress Singapore Party (PSP) leaders stressed their belief...

Fearmongering? — PM Wong’s comments on “formidable” opposition draw criticism

SINGAPORE: Concerns of fear-mongering have emerged online in the...

PSP leaders assert PAP 4G has “lost its way”

SINGAPORE: Progress Singapore Party (PSP) leaders stressed their belief...

RTS seen as ‘game changer’ for Johor-Singapore ties, cautious optimism encouraged

MALAYSIA: The Johor-Singapore Rapid Transit System (RTS), slated to...

Five Johor Bahru dim sum spots worth crossing the Causeway for

MALAYSIA: Singapore’s dim sum scene is hard to beat,...

Pony.ai CEO eyes Singapore expansion for robotaxi service

SHANGHAI: Pony.ai is planning to bring its robotaxi service...

‘Doesn’t mean we’re gone,’ Pritam Singh reassures Marine Parade residents

SINGAPORE: At The Workers’ Party’s (WP) first doorstop interview...

Related Articles

Popular Categories