Singtel Fiscal Net Rose 14.2%, Supported by Mobile Business

By P.R. Venkat

Singapore Telecommunications' net profit rose 14.2% for the fiscal year ended March, mainly supported by growth in its mobile business and increased adoption of 5G services.

The telecom operator's net profit was 2.23 billion Singapore dollars ($1.65 billion), the company said Thursday.

However, the group's revenue fell 4.7% to S$14.62 billion mainly because of a weaker Australian dollar and the absence of contribution from Amobee, which was sold last year.

Resumption of international travel saw a recovery in roaming services that also helped lift the group's net profit, it said.

For the next fiscal year, Singtel expects dividends from regional associates to be around S$1.3 billion, and the group's core capex to be about S$2.1 billion.

The telecom operator also plans to pay ordinary dividends between 60% and 80% of underlying net profit.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

May 24, 2023 19:45 ET (23:45 GMT)

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