The Surprising One-Off Losses that Shook Singtel

Singapore-based Singtel experienced a decline in net profit despite positive growth in mobile revenue. The company's fiscal Q1 2023/2024 (to end-June) results were impacted by exceptional items and the lower value of the Australian dollar. Group CEO Yuen Yuan Moon acknowledged that heightened competition and decreased demand for Singtel's legacy services affected its core business. However, Singtel's ICT arm NCS and recently formed Digital InfraCo performed well. Additionally, contributions from regional associates increased. Despite these positive factors, net profit dropped by 23.1% year-on-year to SGD483 million (£270 million). Excluding one-off factors, net profit increased by 15% to SGD571 million (£319 million), primarily driven by reduced net finance expenses and higher income from regional associates.

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Key Financial Results

- Net profit declined by 23.1% year-on-year to SGD483 million (£270 million).

- Excluding exceptional items, net profit increased by 15% to SGD571 million (£319 million).

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- Operating revenue fell by 2.7% to SGD3.5 billion (£1.9 billion).

Mobile Revenue and Data Consumption

- Mobile service revenue in Singapore rose by 2.7% to SGD317 million (£177 million), partially offsetting declines in international data, pay-TV, and voice.

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- Average data consumption per month increased by 7.8% to 10GB.

- Australian unit Optus reported a 2.7% growth in mobile service revenue, reaching AUD961 million (£535 million).

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- Average monthly data usage at Optus grew by 22.8% to 17GB.

Despite facing challenges in its core business, Singtel remains focused on its growth engines, including NCS and Digital InfraCo, while seeking to navigate increased competition and market dynamics. The company aims to leverage its strong performance in roaming recovery across consumer and enterprise businesses. Singtel aims to reduce net finance expenses further and continue strengthening its partnerships with regional associates like Bharti Airtel, AIS, and Intouch. Singtel's leadership is optimistic about the company's prospects for the future.

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