Singtel's 1Q24 net profit plunges to $795m amid $1.47b exceptional loss

Compared to 1Q23, net profit fell 64%.

A $1.47b exceptional loss dragged Singtel's 1Q24 net profit down 64% YoY to $795m.

“The company incurred noncash impairment charges on goodwill and Optus Enterprise’s fixed network assets,” Singtel explained.

Excluding the charges, Singtel’s underlying net profit rose 10% YoY to $2.26b, driven by increased contributions from Airtel and AIS and higher interest income from capital recycling.

In constant currency terms, underlying net profit would have risen 13%. 

Despite lower net profits, Singtel’s board proposed a final one-tier tax-exempt ordinary dividend of $0.098 per share, comprising a core dividend of $0.06 per share and a value realisation dividend of $0.038 per share.