Singapore Telecommunications Ltd on Thursday reported a 19 percent fall in its fourth-quarter net profit, hurt by lower contributions from its regional associates in Indonesia and India as well as adverse currency movements.
Singtel, Southeast Asia’s largest telecom operator, posted net profit of S$781 million ($583 million) for the three months ended in March, compared with S$963 million a year ago.
Underlying net profit, which excludes one-time items, fell nearly 18 percent to S$807 million.
It forecast consolidated revenue to grow by low single digits and EBITDA to remain stable for the year ending March 2019.
Singtel owns stakes in a number of regional telecom operators including India’s Bharti Airtel, whose earnings were hit by intense competition.
Another regional associate, Indonesia’s Telkomsel, was hurt by a decline in voice and SMS revenues and slower data growth, Singtel said.
The company posted record full-year net profit of S$5.45 billion, including a gain on the divestment of its stake in broadband unit NetLink NBN Trust. Analysts had expected, on average, net income of S$4.87 billion.