Singtel posts decades low annual profit, eyes new growth strategy

SINGAPORE: Singapore Telecommunications Ltd posted its lowest net profit in at least two decades on exceptional losses and outlined a strategy to focus on areas such as 5G and develop new growth engines in information-communication technologies.

Singtel, Southeast Asia’s largest telecoms operator, reported that annual net profit halved to S$554 million ($418 million) — the lowest since at least 1998. Underlying net profit, which excludes exceptional items, was down 30% year-on-year to S$1.73 billion. Singtel recorded exceptional charges of about S$1.18 billion for the full year, mostly related to impairment charges on its investments in digital marketing arm Amobee and cyber-security business Trustwave. It had flagged the charges earlier this month.