Singapore Telecommunications Limited (SingTel) reported a resilient 4Q, with net profit up 4% year-on-year to S$898 million even as the Australian dollar and regional currencies weakened significantly against the Singapore dollar. In constant currency terms, net profit would have grown 13%.
Earnings growth was driven by robust operating performance from the Singapore Consumer business and the regional mobile associates, led by Airtel. The regional mobile associates also saw good progress in their 3G network rollout and growth in mobile data services. The Group’s share of regional mobile associates’ pre-tax earnings increased 9% to S$558 million and would have grown 23% on a constant currency basis.
Operating revenue declined 8% but would have fallen 1% in constant currency terms. Singapore Consumer posted strong revenue growth but this growth was offset by lower consumer revenue in Australia and lower revenue from Group Enterprise. The board of Directors proposed a final dividend of 10 cents per share which is payable on August 2014, added up to total dividend of 16.8 cents for FY 2014.
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