SingTel Reports Q2

SINGAPORE -- Singapore Telecommunications Limited (SingTel) announced its unaudited results for the second quarter and half year ended 30 September 2008.

The Group’s operating revenue grew 5.3 per cent to S$3.89 billion in the second quarter from a year ago boosted by strong performance across Singapore and Australia where both recorded their best quarterly growth in the postpaid mobile market in recent years.

Underlying net profit in the quarter fell 12 per cent to S$801 million because of the iPhone 3G initiative, the weaker regional currencies, lower earnings from Telkomsel caused by price competition and the inclusion of a S$41 million post-tax loss from Warid Telecom. It would have declined 5 per cent excluding the impact of the depreciation of the Australian dollar and regional currencies.

Net profit declined 12 per cent to S$868 million after including the exceptional items and the currency translation gain of S$67 million in the quarter. Free cash flow was stable for the first half of the financial year at S$1.7 billion compared to a year ago.

Ms Chua Sock Koong, SingTel’s Group Chief Executive Officer, said: “Singapore and Australia both achieved impressive results, with Singapore recording double-digit revenue growth and Australia accelerating its mobile revenue growth. We further demonstrated our leadership in Singapore as the only operator to bring in the much anticipated iPhone 3G and in Australia we captured the majority share of the iPhone 3G activations.”

Singapore Telecommunications Ltd. (SingTel) (OTC: SGTJY)