Strong Sing dollar keeps SingTel Q2 profit flat at $870m
In constant currency terms, net earnings rise 7%, operating revenue dips 2.7%
[SINGAPORE] The heftier Singapore dollar sat down hard on SingTel's earnings for the second quarter, rendering its net profit flat at $870 million as adverse currency movements eroded contributions from Optus and its regional associates.
In the quarter ended Sept 30, the Australian dollar, Indian rupee and Indonesian rupiah - which collectively denominate a sizeable chunk of SingTel's income - each tumbled 10 per cent year on year against the Singapore dollar.
In constant currency terms, net profit grew 7 per cent. Underlying net profit, at $884 million, was flat but would have been up 5.9 per cent in constant currency terms.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
New Articles
Shell to sell Singapore oil refinery, chemicals assets to Glencore joint venture
Aims Apac Reit posts 10.2% lower H2 DPU on enlarged unit base
Singapore top recipient of Q1 cross-border investments in Apac: Knight Frank
Dasin Retail Trust’s trustee-manager chairman, directors deny allegations of misconduct
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Bitcoin faces worst month since FTX crash with ETF demand cooling