Singtel's net profit jumps 41.3% YoY in Q1

The group attributed its profit growth to Airtel's improved operational performance.

Singtel's net profit jumped to $628m in Q1, translating to a 41.3% increase from the same period last year.

The group posted a profit increase despite its operating revenue dropping by 5.6% YoY to $3.6b, and its earnings before interest, taxes, depreciation, and amortization (EBITDA) declining by 2.0% to $977m.

In a bourse filing, Singtel attributed its profit growth to the improved operational performance and exceptional gains from its subsidiary, Airtel.

Singtel said the dilution of its effective shareholding in Austral Tower Network also helped lift its net profit.

“This set of positive results reflects the progress made on our strategic reset designed to strengthen our core, unlock the value of our assets and grow new digital businesses," Singtel CEO,  Yuen Kuan Moon, said.