Singtel chalks up 13% rise in Q1 profit, lifted by exceptional gains

TELCO group Singapore Telecommunications (Singtel) on Thursday reported a 13 per cent jump year on year in first quarter net profit to S$941.6 million, boosted by exceptional gains.

The exceptional gains included divestment gains from venture investments as well as Airtel Africa's tower assets.

Stripping out exceptional items, underlying net profit was up 2 per cent.

Operating revenue edged up 2 per cent to S$4.21 billion, dragged down by the weaker Australian dollar. In constant currency terms, operating revenue would have risen 8 per cent, Singtel said.

Earnings per share came to 5.91 Singapore cents in the first quarter ended June 30, up from 5.24 cents a year ago.

For the quarter under review, revenue from its group consumer business increased 2 per cent to S$2.6 billion, thanks to higher mobile data uptake and equipment sales.

Revenue from its group enterprise business slipped to S$1.5 billion from S$1.55 billion a year ago.

Meanwhile, its group digital life business segment saw revenues of S$102.4 million, up from S$47.7 million a year ago.

Chua Sock Koong, group chief executive, said: "Across our different markets, we are taking bold strategic measures to shape our business and the market. We are accelerating investments in spectrum, networks and systems, and transforming our cost structure. We strive to deliver a great customer experience with innovative products and plans."