SingTel posts flat Q3 profit as weak local results offset Optus growth
Reuters
Published Feb 22, 2024 07:10PM ET
Updated Feb 22, 2024 07:35PM ET
(Reuters) -Singapore Telecommunications (SingTel) said on Friday its third-quarter underlying net profit came in at the same level as last year, as weak local operations offset growth in its information technology and Australian telecom units.
SingTel, Southeast Asia's largest telecom company, said its underlying net profit for the quarter ended Dec. 31 was S$559 million ($416.45 million), same as last year.
On a constant currency basis, underlying profit rose 1.5% from a year earlier.
"Our underlying financial results in the third quarter were stable despite a tough macroeconomic environment and persistent currency headwinds," CEO Yuen Kuan Moon said.
Profit was driven mainly by the firm's Australian telecom business Optus and information technology unit National Computer Systems (NCS).
NCS recorded a 47% jump in earnings before interest, tax, depreciation and amortisation (EBITDA) to S$75 million.
SingTel Singapore, which offers mobile, TV and digital services, operated in a challenging environment amid weak corporate and consumer spending, the company said, pushing the unit's EBITDA lower by 4.9% to S$372 million.
"SingTel Singapore continues to face business pressures and scaling our Nxera regional data centre business has required investment costs," said Yuen.
($1 = 1.3423 Singapore dollars)
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Written By: Reuters
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