☰
Singtel, Singapore's leading telecom operator, recorded an improvement in its performance during the first quarter in comparison to the previous year. Net profit for Q1 2021 was around USD 328 million compared to a loss of USD 14.72 million for the quarter that ended on June 30 last year.
Revenue rose 7.5% to USD2.79 billion, underlying net profit before exceptional items went up 31% to USD 332 million, and EBITDA (earnings before interest, tax, depreciation, and amortization) augmented by 11% to USD 734 million.
After-tax contributions from regional partners increased 37% mostly due to the Philippines' Globe Telecom and Airtel's better performance.
In the quarter under consideration, Airtel’s revenues increased 21.2% to USD 3.62 billion, with EBITDA increasing from USD 1.36 billion to USD 1.78 billion. Airtel recovered from the losses before exceptional items of USD 58 million last year to amass a net revenue of USD 36 million.
In the first quarter of 2020, it made a provision of USD 1.45 billion associated with the Supreme Court’s ruling related to Adjusted Gross Revenue (AGR) on spectrum use charges and license fees.
Singtel has a 31.7% stake in Airtel, partly contributed by 49.4% shares of Bharti Telecom. It registered a negative USD 670 million one-off exceptional item in the quarter that concluded in June 2020 due to the AGR matter.
Mr. Yuen Kuan Moon, Singtel Group’s CEO, stated that the relaxation of COVID-19 restrictions has enhanced the overall operating and business environment and they are recording growth throughout the board in the first quarter owing to better performance of Optus, continued expansion in NCS' ICT business and Airtel’s profits.
The CEO added that the strategic reset that they have set in motion, has placed them to capitalize on this growing trend of digitalization to assist post-pandemic economic recovery and they continue to remain ordered in capital deployment and committed to delivering shareholder value.
Post Q1 results, many analysts speculate that Singtel's share price is close to a turnaround with many reviewing their target price higher.
Source Credits –
An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...
Swiftly Systems has reportedly achieved unicorn status, securing in funding through a Series C round. The prominent BRV Capital Management led this funding initiative. According to the earlier reports, Swiftly was adopted by hundreds of consumer b...
As per the reports, twelve nations with rainforests united to establish a collective initiative aiming to address climate change and safeguard biodiversity at summit held in Brazil. The declaration, titled "United for Our Forests," emerged ...
Meta Platforms has recently introduced Llama 2, an artificial intelligence large language model, for commercial use in collaboration with major cloud providers like Microsoft. Instead of charging for access or usage, Meta aims to share the model with...
Moderna Inc, a leading vaccine manufacturer, reportedly announced on Wednesday that it has entered into a memorandum of understanding (MoU) and a land collaboration agreement aimed at exploring opportunities for researching, developing, and producing...
The American footwear design & manufacturing company, Nike and Epic Games, the creators of the popular online game Fortnite, have joined forces in an exciting new collaboration. The partnership aims to bring about a groundbreaking change in the d...
© 2024 aeresearch.net. All Rights Reserved.