Singapore Telecommunications, Southeast Asia's largest telecommunications operator, reported a 17 percent fall in its first-quarter profit, hurt by one-off items and adverse currency movements.
SingTel earned S$835 million ($668.5 million) in the three months ended in June, compared with S$1.01 billion a year ago. The latest quarter included one-off losses of S$46 million, compared with net exceptional gains of S$114 million in the year-ago period.
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Underlying net profit came in at S$881 million, down from S$897 million a year ago and below analysts' expectations for S$916 million, according to a Reuters poll of four brokerages.
Revenue fell 3.4 percent to S$4.15 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) were S$1.25 billion, down 3.2 percent.
SingTel derives the bulk of its profits from overseas, making its earnings particularly susceptible to currency changes.
Earnings contributions from its foreign associates were hurt by steep depreciations of currencies against the Singapore dollar, particularly the Indonesian rupiah which declined 19 percent, it said. Its share of profit at Indonesia's PT Telekomunikasi Selular fell 13 percent from a year earlier to S$167 million.