Singtel's profit down by 9% to $890m

Network subscribers are making less calls, pulling down earnings.

The net profit of Singapore Telecommunications (Singtel) for the third quarter ended last 31 December declined by 9% to $890m.

Singtel explained the decrease on profit was mainly caused by voice revenue declines, higher network depreciation and amortisation from increased infrastructure investments, and overall lower earnings from its associates including Airtel, Telkomsel, and Globe.

The company’s operating revenue for the quarter increased by 4% to $4.60b.

Meanwhile, Singtel reported 6% increase to its earnings before interest, taxes, depreciation and amortisation (EBITDA) with $1.29b driven by strong contributions from its core and digital businesses.