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Singtel's annual profit plunges 44%

Reuters SG

SINGAPORE, May 15 (Reuters) - Singapore Telecommunications Ltd said on Wednesday its 2018 net profit fell 44% after a challenging year marked by tough competition for its local and international businesses.

The company reported a net profit of S$3.10 billion ($2.27 billion) for the year ended March versus S$5.47 billion a year ago. Its underlying net profit, which excludes exceptional items, fell 21 percent to S$2.83 billion. ($1 = 1.3685 Singapore dollars) (Reporting by Ambar Warrick and Aradhana Aravindan; editing by Richard Pullin)