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Singtel Q1 net profit down 23.1% to S$483 million on exceptional loss from Airtel

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Zhao Yifan

Zhao Yifan

Published Mon, Aug 21, 2023 · 09:24 AM
    • The group’s Q1 net finance expenses drop 54.3 per cent to S$52 million from S$114 million the year before.
    • The group’s Q1 net finance expenses drop 54.3 per cent to S$52 million from S$114 million the year before. PHOTO: BT FILE

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    SINGTEL reported on Monday (Aug 21) that its net profit for the first quarter ended Jun 30 dropped 23.1 per cent to S$483 million from S$628 million in the corresponding year-ago period.

    The drop was mainly attributed to a net exceptional loss of S$88 million, compared to a net exceptional gain of S$129 million in the same period a year earlier. 

    The net exceptional loss came from Bharti Airtel as it recorded significant foreign exchange losses from a steep devaluation of the Nigerian naira against the US dollar. Singtel’s share of this exceptional loss amounted to S$62 million. 

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