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Singtel's Q2 net profit falls 5.7% to $968.1m
Due to exceptional gains recorded by Airtel last year.
Singtel recorded a small decline in its net profit for the quarter ending in September, falling 5.7% to $968.1m from $1.03b last year.
According to the group, this was because of exceptional gains recorded by Airtel in the comparative quarter.
The group claims its performance has been resilient, underpinned by strong performance from regional mobile associates which continued to grow customers and data usage.
In the core business, continued growth in mobile data and cyber security services was moderated by ongoing voice to data substitution and intensifying competitive pressures in Australia. Operating revenue was up 2% excluding the impact of mandated cuts to mobile termination rates in Australia. The Group's underlying net profit for the quarter was stable and up 3% for the half year.
Singtel Group CEO Chua Sock Koong said its overseas associates Airtel and Telkomsel performed strongly.
"Strategic investments in networks and spectrum are paying off as they capture new growth in customers and data usage. The Group's customer base increased by 3% to 629 million subscribers, further strengthening our position as South East Asia's largest communications company,” she explained.
Meanwhile, Chua took note that in spite of the more subdued economic and business environment, its Singapore business held its ground as the group enhanced its customer propositions in both mobile data and cyber security.
"On the consumer side, we introduced innovative triple data add-on plans to cater to increased mobile video consumption. In Enterprise, we are actively building out our cyber capabilities - bolstering our global cyber network with a new advanced security operation centre in Sydney and launching the NUS-Singtel Cyber Security R&D Lab to innovate new technologies," she said.
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