SingTel Reports Unexpected Drop in Profit on Regional Units
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Singapore Telecommunications Ltd., Southeast Asia’s biggest phone company, reported an unexpected drop in first-quarter profit as costs cut earnings at home and currency gains crimped income from regional businesses.
Net income fell 2.9 percent to S$916.2 million ($755 million), or 5.7 cents a share, in the three months ended in June from S$943.2 million, or 5.9 cents, a year earlier, SingTel said in a statement today. Analysts had expected profit would rise to S$991 million, according to the average of three estimates compiled by Bloomberg.