SingTel profit up 30% to S$1.29b in Q4

Thanks to an exceptional net tax credit of S$270 million.

Singapore Telecommunications Limited said fourth quarter net profit for the Group grew 30 percent to S$1.29 billion, primarily from an exceptional net tax credit of S$270 million on an increase in value of assets transferred to an associate.

Excluding this and other one-off items, according to SingTel, underlying net profit grew 3 percent due to strong mobile revenue growth from Singapore and improved contributions from the regional mobile associates. The stronger Australian Dollar also lifted net profit.

Meanwhile for the full year, net profit increased 4 percent to S$3.99 billion. Underlying net profit, however, declined 3 percent. Group revenue grew 4 percent to S$18.83 billion, boosted by mobile growth in Singapore and Australia, as well as the stronger Australian Dollar.

In the fourth quarter, revenue for the Group rose 3 percent to S$4.78 billion. SingTel said ordinary pre-tax earnings from the regional mobile associates grew 6 percent to S$510 million as AIS and Telkomsel reported strong earnings growth. Contributions increased despite the weaker regional currencies and fair value losses. Excluding the currency impact, ordinary pre-tax earnings from the regional mobile associates would have risen 11 percent.