Airtel expenses, weak currency hit SingTel's Q2 profit

PTI Updated - November 10, 2011 at 09:03 PM.

Singapore's telecom major SingTel today said that its financial performance during the second quarter (Q2) this fiscal was hit by investments made by Airtel in India and Africa and weak currency.

The company posted a decline of 1.2 per cent in its net profit at Singapore dollar (SGD) 882 million for the quarter ended on September 30.

“This quarter, the investments by Airtel in its Indian 3G network and African operations incurred licence fees amortisation and financing costs, which combined with weaker regional currencies, had dampened our results,” SingTel's CEO, International, Mr Hui Weng Cheong, said in a statement.

The group revenue of the SingTel increased 3.9 per cent at SGD 4,610 million (SGD 4,436 million) during the quarter. It said weaker regional currencies led to fair value losses on the associates' foreign currency liabilities.

Published on November 10, 2011 15:33