SINGAPORE: Singapore Telecommunications Ltd on Wednesday posted its smallest annual net profit in 16 years partly due to the intense competition faced by its regional associates in India and Indonesia.
Singtel, Southeast Asia's largest telecom operator, reported a net profit of S$773 million for the quarter ended March, almost flat versus the year-ago period. Its underlying net profit, which excludes exceptional items, fell 15 per cent to S$697 million."Intense competition has affected the markets in India and Indonesia this past year," Singtel CEO Chua Sock Koong said in a statement.
The company continued to be optimistic about the growth potential of its associates' markets, she added. "We will accelerate our digitalisation efforts to drive better customer experience and improve productivity and cost structure by transforming our processes," she said. The company reported net profit of S$3.1 billion for the year ended March versus S$5.47 billion a year ago, which had included a divestment gain from the listing of its broadband unit NetLink NBN Trust.Analysts had an average estimate of S$3.
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