SINGAPORE: Singapore Telecommunications Ltd (Singtel) posted a 23.8% rise in net profit to S$734mil (US$545mil or RM2.28bil) for its third quarter ended Dec 31, 2021, from S$593mil (RM1.84bil) a year ago.

       This was mainly due to a net exceptional gain from the disposal of its 70% stake in Australia Tower Network.

       This gain, however, was partially offset by provisions for primary tax, interest and penalties from an unfavourable ruling for a tax dispute in Australia, the telco said in its business update yesterday.

       Meanwhile, revenue for the quarter was down 7.7% to S$3.91bil (RM12bil) from S$4.24bil (RM13bil) a year ago.

       This was due to lower national broadband network (NBN) migration revenue and equipment sales, and lower Jobs Support Scheme credits.

       In Singapore, its consumer business saw a 5.2% decline in operating revenue due to lower mobile equipment sales revenue amid global supply constraints, lower mobile connections and longer handset replacement cycles.

       As for Australia, the telco reported NBN migrant revenue of A$7mil (RM20mil).

       This was “significantly lower” than the A$72mil (RM215mil) posted in the same period a year ago, as migrations are near completion.

       The group’s enterprise segment reported a 3.1% fall in operating revenue.

       This was due to a decline in its legacy carriage business, partly mitigated by higher mobile service revenue.

       Meanwhile, its information communications technology (ICT) revenue was stable as higher data centre and cyber-security services were offset by fewer ICT deals compared to the same quarter last year.

       The telco also noted that post-tax contributions from its regional associates was up 13% to S$332mil (RM1.03bil), from S$294mil (RM914mil) a year ago. This was boosted by a profit turnaround at Airtel.

       The firm saw strong operating momentum in India and Africa, although partially offset by weaker performance in Indonesia’s Telkomsel and the Philippines’ Globe Telecom.

       Singtel’s group chief executive Yuen Kuan Moon noted that the company has been focusing on expanding its 5G operations and building new businesses across Asia in areas including digital banking and data centres.

       “Underpinning these investments is an active programme to recycle capital and crystallise value from our existing assets, allowing us to build out growth drivers for the future and deliver sustainable dividends,” Yuen said. — The Straits Times