Singtel Revenues Hurt by Currency Losses Although Profits Up
Published on: 13th Feb 2014
By: Ian Mansfield
Singapore's Singtel has announced its results for the last three months of 2013 and saw revenues decline as the company was hurt by currency changes although profits rose.
Group revenue dropped by 7.3% to S$4.26 billion, although net profit rose by 5.5% to S$872 million. In constant currency terms, net profit would have increased 13%.
Ms Chua Sock Koong, SingTel Group CEO said: "We are pleased with the results from the strengthening of our core business, and going forward, we will focus on driving customer growth in Australia. The consumer business posted robust EBITDA gains."
During the quarter, the Australian Dollar, Indonesian Rupiah and Indian Rupee declined 9%, 18% and 12% respectively against the Singapore Dollar. Including the currency translation effect, EBITDA was stable at S$1.26 billion but would have grown 6% in constant currency terms. Operating revenue declined 7% and would have fallen a smaller 2% in constant currency terms, reflecting lower mobile revenue from Australia and a generally cautious business climate.
As of 31 December 2013, the combined mobile customer base grew 9% or 40.9 million in the year to cross the half billion mark.