Singtel earnings up 14% to $ 1.65 bn on Airtel sale, profit contribution

Singapore’s dominant telecom operator Singtel last week announced that net profit for the financial year which ended March 2023 was up 14 per cent to SGD 2.23 billion (USD 1.65 billion). After accounting for exceptional items, underlying profit increased by 6.8 per cent. Group revenue was lower by 4.7 per cent, coming in at SGD 14.6 billion (USD 10.8 billion) mainly due to the absence of revenue from the digital advertising subsidiary Amobee which was sold in July 2022.

EBITDA (earnings before interest, tax, depreciation and amortisation) was marginally down 2.2 per cent but up one per cent in constant currency terms. EBITDA excluding associated companies was up 6.4 per cent before adjusting for currency.