Singtel's 2Q earnings lower at $667 mil on absence of one-off gain

SINGAPORE (Nov 8): Singtel announced earnings of $667.2 million for 2Q19, down from its restated earnings of $2.85 bil in 2Q18, where a $2.05 billion exceptional gain was booked on the partial divestment of NetLink Trust.

Excluding one-off items, underlying net profit fell 21% on lower contributions from Airtel and Telkomsel, as well as forex losses that came on the back of a stronger Singapore dollar against regional and Australian currencies.

Group EBITDA decreased 3% in constant currency terms with lower NBN migration revenues in Australia, lower voice revenue, as well as investments in the group’s digital businesses.

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