SingTel reports 5.3% decline in profits for Q1 2008
Singapore Telecommunications reported a 5.3% decline in net profit for the first quarter of this year, due to a stronger Singaporean dollar which cut earnings from its regional businesses.
Down from last year’s 927 million dollars, SingTel’s net profit from Q1 to June 2008 only amounted to 878 million Singapore dollars ($622 million US). This was not enough to strip them of the title of Southeast Asia’s biggest telecom firm, however.
Elsewhere in Southeast Asia, its subsidiaries (Philippines’ Globe Telecom, Indonesia’s Telkomsel and Pakistan’s Warid Telecom, among others) experienced lower earnings and losses, which all contributed further to the telecom firm’s profit decline.
Let’s see if this will still be the case in the next quarter, as this will be the period when it starts to offer the iPhone 3G to its customers in Singapore, as well as in markets under its Southeast Asian subsidiaries.
Via Yahoo! News/ AFP