Singtel Q1 net profit down 23.1% to S$483 million on exceptional loss from Airtel
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Zhao Yifan
Published Mon, Aug 21, 2023 · 09:24 AM
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.
