Aussie ops boost Singtel’s bottom line

5 Feb 2004

Singapore Telecom’s (Singtel) Australian operations have been cited as instrumental in helping the group achieve a 188% growth in net profit to SGD854 million in its third financial quarter. Sales for the three months ended 30 December 2003 climbed 15.9% to SGD3 billion, with roughly two thirds of revenue coming from outside Singapore. Optus, its wireless operation in Australia, contributed SGD162 million in net profit, up almost six fold on the same period of 2002, thanks in part to a 31% gain in the Australian dollar against the Singaporean dollar. Other foreign assets, including those in India, Indonesia, Thailand and the Philippines, generated a net profit of SGD238 million.