Wednesday, May 14, 2008

Singapore Telecommunications Q4 Profits Up 10.5% On Higher Revenues - Update

(RTTNews) - Tuesday, communications company Singapore Telecommunications Ltd. or SingTel, announced a 10.5% increase in fourth quarter profits, on rise in revenues.

Net profit attributable to common shareholders increased to S$1.09 billion from S$989 million in the year ago period. Excluding a S$153 million gain received from Bharti's sale of minority stakes, underlying net profit increased 9.2% to $968 million or S$6.08 per share from $886 million or S$5.58 per share in the same period last year.

Revenues rose 11% to S$3.76 billion from S$3.38 billion in the prior year quarter. The company stated that revenue growth was driven by the record number of mobile net additions in its Singapore business and the favorable impact of the stronger Australian Dollar.

Revenues from Singapore grew 12% to S$1.29 billion over year-ago period, which the company attributes to strong performance in its Mobile Communications, Data & Internet and IT business.

Revenues from the company's Optus business in Australia grew 4.5% to A$1.94 billion.

Chua Koong, the chief executive officer of SingTel Group, stated that the environment remained challenging with the outlook for the global economy looking more uncertain.

For the full year, net profit attributable to common shareholders increased 4.8% to S$3.96 billion from S$3.78 billion last year. Underlying net profit increased 14.3% to S$3.68 billion or S$23.15 per share from S$3.22 billion or S$19.81 per share last year.

Full year revenues rose 11% to S$14.84 billion from S$13.38 billion last year.

The company stated that market uncertainties and inflationary pressures called for a more cautious outlook. SingTel targets achieving adjusted earnings in the double-digit level, for the full year.

by RTT Staff Writer

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