SingTel’s 2Q profit drops slightly as earnings slump in India, the Philippines, Indonesia

Singapore’s SingTel 2Q profit drops 0.2 percent

SINGAPORE — Singapore Telecommunications Ltd. said its profit dropped slightly last quarter as higher revenue from its local and Australian mobile operations offset lower earnings in India, the Philippines and Indonesia.

The company known as SingTel said in a statement Thursday that net profit for the April-June period fell to 943 million Singapore dollars ($690 million) from SG$945 million a year earlier.

“The Singapore and Australia businesses turned in strong performances,” Chief Executive Chua Sock Koong said. “However, competition in the emerging markets led to lower earnings from Bharti, Globe and Telkomsel”

SingTel’s stakes in telephone companies in Australia, Thailand, Indonesia, India, the Philippines, Pakistan and Bangladesh account for more than half of the company’s profits.

Operating revenue rose 12 percent to SG$4.29 billion from SG$3.85 billion a year earlier.