SingTel’s Q2 profits up 3.3% on regional mobile gains

7 Nov 2007

Singapore Telecommunications (SingTel) reported net profit of SGD988 million (USD686 million) in its fiscal second quarter to 30 September, up 3.3% year-on-year, largely the result of gains by its regional mobile business. Quarterly revenues climbed 11% to SGD3.70 billion from SGD3.33 billion a year ago, while first-half revenues were up 10.7% to SGD7.26 billion and 1H net profits rose 6.6% y-o-y to SGD1.91 billion. The SingTel group, which now has a presence in six Asian markets following its acquisition of a 30% stake in Pakistan’s Warid Telecom earlier this year, has begun to reap the dividends of its international expansion. Pre-tax income from its regional mobile subsidiaries and affiliates rose 21% to SGD600 million during the second quarter, driven by a strong performance from Indian unit Bharti Telecom which posted a 45% rise in operating revenues on the back of impressive mobile subscriber growth. Telkomsel in Indonesia reported pre-tax income of SGD286 million (9.6%), Globe Telecom Philippines was SGD69 million (23%) and Thailand’s Advanced Info Service was up 3.7% to SGD59 million. SingTel’s Bangladeshi venture Pacific Bangladesh Telecom however, reported pre-tax losses of SGD6 million.