Strong Sing dollar keeps SingTel Q2 profit flat at $870m

[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.