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SingTel profit falls 5.3 pct on stronger currency

SINGAPORE: Singapore Telecommunications Ltd., the largest telephone company in Southeast Asia, said Tuesday that its April-June quarter profit fell 5.3 percent as a stronger local currency undermined the value of income earned abroad.

The company, also known as SingTel, said in a statement that its net profit for the fiscal first quarter fell to 878 million Singapore dollars (US$622 million), down from S$927 million (US$657 million) a year earlier.

Sales rose 5.9 percent to S$3.78 billion (US$2.78 billion).

Underlying net profit before goodwill and exceptionals fell 0.3 percent to S$865 million (US$612 million) from S$868 million (US$615 million) in the year-ago period.

SingTel has stakes in regional operators such as India's Bharti Airtel Ltd., Indonesia's PT Telkomsel, the Philippines' Globe Telecom Inc., Pakistan's Warid Telecom Ltd., Pacific Bangladesh Telecom Ltd. and Thailand's Advanced Info Service PCL.

"As we report in Singapore dollar, the financial results of our regional associates are exposed to fluctuations in foreign exchange rates. In this quarter, the impact was negative," SingTel Group Chief Executive Chua Sock Koong said in the statement.

 

http://www.iht.com/articles/ap/2008/08/12/business/AS-EARNS-Singapore-Singtel.php

 

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