Singtel's third-quarter profit rises on higher contribution from Airtel, Advanced Info

Singtel reported a 9.5 per cent rise in its third-quarter underlying net profit on Thursday (Feb 12), driven by strong contributions from India's Bharti Airtel and Thailand's Advanced Info Service (AIS).

Singtel reported an underlying net profit of S$744 million (US$589 million) for the three-month period ended Dec 31, compared with S$680 million a year earlier.

Contributions from regional associates' post-tax profits rose more than 15 per cent to S$529 million, led by Airtel and AIS.

Singtel also booked a net exceptional gain of S$1.15 billion from selling a 0.8 per cent stake in Airtel as part of an asset‑restructuring plan.

That boosted its net profit on a statutory basis by 44 per cent to S$1.89 billion.

Singtel-owned Optus, Australia's number 2 telecom firm, reported a 5 per cent rise in operating earnings for the quarter. 

That, along with robust growth in its information technology services division, NCS, helped offset weaker performance by its domestic business.