How Singtel’s stake in Airtel caused Q1 profits to fall 23 per cent

Singapore: The topsy-turvy impact of holding a 24.5 per cent stake in Airtel came home to the roost as Singtel, Singapore’s dominant telco operator, reported its first-quarter results last week.

Singapore Telecommunications (Singtel), Southeast Asia’s largest telecom operator, reported a 23.1 per cent slide in profit for the quarter that ended in June 2023 with net profit coming in at Singapore Dollar (SGD) 483 million (USD356 million) compared to SGD628 million in the same quarter a year ago.