SingTel's Q3 net profit down 16 per cent

The telco's October to December 2008 net profit fell from S$931 million in 2007 to $838 million while operating revenue was down 3.2 per cent to $3.7 billion from $3.8 billion in 2007.

Chua Sock Koong, SingTel’s group CEO, said: “The global economic slowdown has started to impact the group. With the current economic uncertainties, the group will continue to be vigilant and disciplined in our business decisions and leverage our vast experience to improve business performance.”

SingTel’s revenues in Singapore jumped 21 per cent to S$1.5 billion. Revenue from data and internet posted double-digit growth of 11 per cent to S$389 million.

Its mobile business’ revenue increased 8.1 per cent to S$373 million in the third quarter from a year ago. SingTel further widened its lead in the market by adding 68,000 new customers, bringing its total mobile subscriber base to 2.9 million as at 31 December 2008, with market share growing 0.5 percentage points to 46.4 per cent from a quarter ago.

SingTel also signed up 13,000 new customers for mio TV, bringing its total customer base to 59,000.

Its Australian subsidiary, Optus, delivered an increase in operating revenue of 10 per cent to A$2.2 billion despite the economic climate and intense competition in the third quarter. The second largest telecommunications company in Australia also saw 213,000 new mobile and wireless broadband customers.

Contributions from SingTel's regional associates, however, fell 24 per cent to S$486 million, impacted by depreciation of major regional currencies.