SingTel reports 5.3 percent drop in Q1 net profit

According to Singapore Telecommunications, its Q1 net profit drops 5.3 % compared to the Q1 net profit during the previous year.

Net profit in the first quarter to June was noted as 878 million Singapore dollars, while it was 927 million dollars during the same period in the last year. Singapore Telecom is considered Southeast Asia’s biggest telecom firm.

There was an increase in operating revenue that rose to 3.78 billion dollars from 3.57 billion dollars. The firm (also known as SingTel) warned that the earnings could be further hurt by the currency fluctuations.

SingTel chief executive Chua Sock Koong said, “As it has been reported that the financial results of SingTel’s regional partners were exposed to fluctuations in foreign exchange rates and the impact was negative during this quarter.”

There was a 11 percent decrease in its pre-tax profit contributions from SingTel’s regional mobile phone businesses as the currencies in these SingTel operated companies fell against the Singapore dollar.

SingTel told that lower earnings from Indonesia’s Telkomsel , Philippines ‘Globe Telecom and losses from Pakistan’s Warid Telecom played the vital role in that decline in profit. SingTel also has shares in Thailand’s AIS , India’s Bharti and Bangladesh’s PBTL.

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