Singtel’s profits dip 2% YoY to $954m

It was impacted by a 2015 one-off tax credit.

Singtel’s Q3 net profit dipped 2% YoY to $954m. However, stripping off a one-off tax credit last year and impact from Trustwave acquired in September 2015, net profit for the quarter would have inched up 3%.

According to a report by OCBC, Singtel’s underlying profit eased 1.5% YoY to $955m. Meanwhile, revenue showed a marginal increase of 1.1% YoY to $4.47b, and was up 6.2% in constant currency terms as the UD has tumbled 8% against the SGD.

For 9MFY16, reported net profit grew slightly by 2.9% to around $2.93m and underlying profit plateaued at $2.82m. Similarly, revenue was flat at approximately $12.87m.

Singtel also affirmed its previous FY16 guidance, as it expects core business revenue to climb by mid-single digit level and earnings before tax to inch up at low single digit level.