Singtel’s first quarter results were resilient despite keen competition. Australia performed strongly, registering higher customer growth across both the consumer and enterprise segments, while mobile data remained a key growth driver.
Operating revenue was up 2% to S$4.13 billion and EBITDA was stable in constant currency terms. Underlying net profit fell 19% due to weaker results from Airtel and Telkomsel, reduced economic interest in NetLink NBN Trust1, an increase in withholding taxes from higher dividends and adverse currency movements. Net profit declined 7% to S$832 million and would have been down 4% in constant currency terms.
Mobile data continued to grow strongly for the Group’s regional associates. However, in the key markets of India and Indonesia, intense competition faced by Airtel and Telkomsel led to a decline in regional associates’ overall profits.