By P.R. Venkat
Singapore Telecommunications Ltd. swung to a profit in the first quarter mainly due to increased contributions from its Australia business and an improved business environment thanks to the easing of Covid-19 restrictions.
Net profit for the quarter ended June came in at 445 million Singapore dollars (US$328.05 million) compared with a S$20 million loss in same period last year, Singtel said Thursday.
Revenue rose 7.5% on year to S$3.80 billion, with Australia operations contributing to S$1.72 billion in operating revenue.
"The easing of Covid-19 restrictions has improved the overall operating and business environment and we are seeing the return of growth across the board in the first quarter," said the company's chief executive, Yuen Kuan Moon.
Turnaround in its Indian associate company Bharti Airtel Ltd. and growth in home broadband services due to movement restrictions in India, Thailand and the Philippines also supported the overall performance of Singtel.
"While the resurgence of Covid-19 in many parts of Asia adds to an already challenging environment, we remain focused on investing in 5G and our digital capabilities which underpin our efforts to drive recovery and growth," Mr. Moon said.
Write to P.R. Venkat at firstname.lastname@example.org
(END) Dow Jones Newswires
August 11, 2021 19:42 ET (23:42 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.