Singtel's quarterly profit beats estimates on stronger associate contributions

Business Recorder reported that Singapore Telecommunications, known as Singtel, lifted its underlying net profit by 21 per cent in the first quarter. The figure reached S$831 million ($649.22 million) for the three months through June 30, up from S$686 million a year earlier. Singtel is described as Southeast Asia's largest telecom operator.

Growth came mainly from regional associates, whose post-tax contributions climbed 16.1 per cent to S$543 million. Bharti Airtel in India and Advanced Info Service, or AIS, in Thailand delivered the bigger gains behind that rise. These offset a 3.1 per cent fall in operating revenue at Singtel Singapore, where ongoing price competition was a drag.

The result also came in ahead of the Visible Alpha consensus estimate of S$746.1 million. Stronger associate earnings therefore cushioned softer domestic performance and carried the group past expectations.