Singtel's annual profit plunges to decades low on Bharti Airtel charges

SINGAPORE: Singapore Telecommunications' annual net profit plummeted about 65 per cent to the lowest in more than two decades and it did not provide forecasts for the current year, citing uncertainty due to the COVID-19 pandemic.

Shares of Southeast Asia's largest telco fell 4.2 per cent after it reported a net profit of S$1.1 billion for the year ended March - the weakest since at least 1998.Results were hit due to a S$1.8 billion charge related to its Indian associate Bharti Airtel's payouts for spectrum charges and licence fees.

Singtel almost halved its final dividend to 5.45 Singapore cents a share, saying it wanted to preserve financial headroom to cope with uncertainties in the current COVID-19 operating environment and the capacity to invest in 5G."It will be some months before the full impact of COVID-19 on our business can be ascertained," CEO Chua Sock Koong said.

The company is reviewing strategic options for its tower assets in Australia and has appointed advisers for a potential sale, she told a media briefing. The company did not name the advisers or provide a value for the portfolio, which a media report had previously estimated at about A$2 billion .Shares of the company closed at S$2.51, down 4.2 per cent from the previous day. The broader index was flat.

No country can benefit from India. Never will and ever will... irregardless what deal you have with them let it be FTA or any others. Singapore, wake up.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Singtel Q4 profit falls 25.7% to S$574mSINGAPORE Telecommunications (Singtel) posted a 25.7 per cent drop in net profit to S$574.4 million for its fourth quarter ended March 31, 2020 from S$773 million a year ago. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Singtel Q4 profit falls 25.7% to $574m; dividend nearly halved to 5.45 centsSINGAPORE (THE BUSINESS TIMES) - Singapore Telecommunications (Singtel) posted a 25.7 per cent drop in net profit to $574.4 million for its fourth quarter ended March 31, 2020 from $773 million a year ago.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Singapore stock watch: Singtel, CapitaLand, UOB, SGX, CDL, Chip Eng SengSINGAPORE (THE BUSINESS TIMES) - The following companies saw new developments that may affect trading of their securities on Thursday (May 28):. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

Stocks to watch: Singtel, CapitaLand, UOB, SGX, City Dev, Chip Eng SengTHE following companies saw new developments that may affect trading of their securities on Thursday: Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Mickelson keen on annual 'Match' featuring all-star castThe COVID-19 relief match featuring Tiger Woods, Phil Mickelson, Tom Brady and Peyton Manning proved a big success and Mickelson hopes it can ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Shares in Latin America's biggest airline drop 35% after bankruptcy filingSANTIAGO: Shares in Latin America's largest airline plunged 35 per cent on the Santiago stock exchange on Tuesday (May 26) after LATAM filed for ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »