Singtel's interim underlying profit jumps 10pct; raises annual earnings forecast
SINGAPORE: Singapore Telecommunications (Singtel) posted a 10 per cent rise in first-half underlying net profit on Friday, driven by strong performance from its units and regional associates, while raising its forecast for annual operating earnings from its core units.
Singtel, the telecommunications giant, reported a 55% decline in its net profit to S$1.54 billion for the first half of the year, driven by the absence of S$2.21 billion in exceptional gains from the partial sale of its stake in Airtel and the Intouch-Gulf Energy merger. Despite this, underlying net profit rose 10% to S$1.49 billion, fueled by stronger performances at NCS, Digital InfraCo, and Optus, as well as higher contributions from regional associates Airtel and AIS.
The group's operating revenue grew by 6% to S$7.29 billion, with Singtel raising its full-year operating company earnings before interest and tax (OpCo Ebit) growth guidance to between mid and high single digits.
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