SINGAPORE (THE BUSINESS TIMES) - Singtel on Friday (May 27) reported $994.5 million in net profit for the second half ended March 2022, up more than 10 times from $87.6 million for the same period a year ago.
The bottomline growth came despite lower operating revenue, as the group's exceptional items turned profitable from its loss booked the previous year.
Operating revenue for H2 FY2022 fell 6.5 per cent to $7.69 billion from $8.22 billion the previous year. This was mainly due to lower sales of equipment as well as a decrease in revenue from its mobile, data and internet, fixed voice and pay television segments.
Exceptional items for the half-year period reversed into profit of $295.5 million compared to a $1.14 billion loss the previous year, as the group recognised a net gain of disposal from its sale of 70 per cent of shares in Australia Tower Network.
Overall exceptional losses for the half year also significantly narrowed to $521.4 million from $1.25 billion in H2 FY2021 as a result of lower impairments.
For the full year ended March 2022, net profit stood at $1.95 billion, about 2 1/2 times up from FY2021 net profit of $553.7 million due to a net exceptional gain compared to a net exceptional loss last year.
Directors have proposed a final dividend of 4.8 cents per share, which if approved by shareholders will be paid on Aug 18.
