The dilution of Singtel’s effective shareholding in Australia Tower Network (ATN) also contributed to the higher net profit.
Singapore Telecommunications (Singtel) has reported a net profit of $628 million for the 1QFY2022 ended June, 41.3% higher y-o-y. The improvement was due to better operational performance and a net exceptional gain from Airtel.
During the period, Airtel’s one-off items included a fair value gain on revaluation of its foreign currency convertible bonds and recognition of a deferred tax credit in Africa.
