Singtel's Q3 Profit Falls 12.5% to S$465M on Exceptional Items

Singtel's net profit for Q3 FY2024 dropped 12.5% to S$465 million compared to the same period last year.

The decline was attributed to higher net exceptional losses mainly from Optus and Airtel.

Post-tax losses from exceptional items more than tripled to S$94 million from S$28 million in Q3 FY2023.

Operating revenue decreased by 3.2% year-on-year to S$3.6 billion due to the absence of Trustwave contributions and a depreciation in the Australian dollar.

Ebitda rose by 2.6% to S$935 million.

Underlying revenue fell by 0.3%, and underlying Ebitda decreased by 0.8% from adjusted figures in the same quarter the previous year.

In constant currency terms, operating revenue and Ebitda remained stable.

Underlying net profit remained unchanged at S$559 million for the quarter but increased by 1.5% in constant currency terms.

For the first nine months of FY2024, Singtel's revenue fell by 3.2% to S$10.6 billion, Ebitda decreased by 2.4% to S$2.7 billion, and net profit rose by 52.9% to S$2.6 billion.

Singtel remains on track to pay the upper end of its dividend policy in FY2024, aiming to pay ordinary dividends at between 70 to 90% of its underlying net profit.