SingTel's profit dropped 14% to $870.4m in 2QFY14

What's to blame for it?

According to OCBC, SingTel posted 2QFY14 revenue of S$4163.1m, down 9% YoY and 3% QoQ, again weighed by weaker regional currencies (AUD, IDR and INR depreciated 10% YoY against SGD). 

Reported net profit was flat YoY and down 14% QoQ at S$870.4m; excluding exceptional items, core earnings was flat YoY and +1.4% QoQ at S$884.0m.

Here's more from OCBC:

1HFY14 revenue slipped 7% to S$8456.4m, meeting 50% of our FY14 forecast, while reported net profit gained 4% to S$1881.4m; core earnings rose 3% to S$1781.0m, or 48% of full-year forecast.

SingTel declared an interim dividend of 6.8 S cents, same as 1HFY13, representing a payout ratio of 61%.

Meanwhile, SingTel has kept its FY14 guidance unchanged – it expects consolidated group revenue to decline by mid-single digit level and EBITDA to decline by low single digit level; EBIT will also fall by mid-single digit level. We will have more after the analyst teleconference later.