7 Aug 2003
Southeast Asia’s largest telecoms group Singapore Telecom has announced a three-fold increase in net profit for the three months ending 30 June 2003, from SGD377 million in 2002 to SGD1.2 billion. Profit included a SGD700 million gain from the sale of its postal unit and its directories publishing arm. Group sales rose to SGD2.96 billion from SGD2.46 billion, despite revenue from its domestic market falling 13% as a result of fierce price competition in both the fixed line and wireless sectors. In particular, revenues from international long-distance voice calls dipped 20%, while sales from its mobile arm slid 3%. In Australia, SingTel Optus reported a SGD113 million profit, helped by a 23% hike in sales at its mobile division.