With a net exceptional loss compared to a net exceptional gain in the last corresponding quarter however, net profit was down 23% to $483 million, which was mainly from Airtel as it recorded exceptional losses from a steep devaluation of the Nigerian Naira against the US Dollar and a fair value loss from its foreign currency convertible bonds compared to a gain in the last corresponding quarter.
Analysts are overall pleased with Singapore Telecommunications (Singtel) (SGX:Z74
) , as its 1QFY2024 ended June 30 results were within their expectations.
To recap, Singtel reported on Aug 21 that its underlying net profit was up 15% to $571 million, which was attributed to a lift by lower net finance expense and a higher share of profits from the group’s associates, mainly Airtel, Advanced Info Service (AIS) and InTouch.
