Singtel records drop in Q3 operating revenue, EBITDA | Singapore Business Review

Singtel records drop in Q3 operating revenue, EBITDA

Its operating revenue was down 3.2% YoY to $4.24b.

Singapore Telecommunications (Singtel) has seen a drop in its operating revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) for Q3 ended 31 December 2020, the company announced.

The group posted an operating revenue of $4.24b for Q3, down 3.2% YoY from last year’s $4.38b. Singtel’s EBITDA is at $1b in the same period, down 13.5% YoY from the previous year’s nearly $1.2b. Both figures exclude the national broadband network (NBN) migration revenue.

YoY performance was affected by the ongoing COVID-19 pandemic and the structural challenges in the carriage business, according to Singtel.

Singtel also said its ICT services revenue growth of 7.9% mitigated the decline in the legacy carriage business. NCS, Singtel’s ICT arm, recorded “especially strong” bookings.

"Whilst we continue to feel the effects of the pandemic with roaming and prepaid revenues affected by travel restrictions, ICT continued to put in a strong showing led by NCS and Australia enterprise, as businesses accelerated their digitalisation efforts," Singtel chief executive Yuen Kuan Moon said.

Moreover, its mobile services remain subdued, with declines in roaming and prepaid revenues mitigated by growth Optus Choice plans in Australia, which offer improved margins.

Yuen believes that Singtel is well positioned for the new normal despite uncertain outlook, with the group’s 5G rollout, the scaling of NCS, and its digital bank joint venture in Singapore.

“These differentiated assets and developments will prime us for new digital growth, particularly in areas where we can leverage the scale and experience of our Group across Asia, and drive greater efficiencies,” he said.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

All of its key businesses were profitable in the first six months of the year.
Singtel, Keppel Corp, and OCBC Bank led the Straits Times Index on 29 July.
There seems to be a trend amongst workers looking to switch employers.
Total property income decreased by 4% but was offset by the decline in expenses. 
This is under the Special Situation Fund for Startups investment scheme. 
Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.
It plans to expand in the coming months, on the back of China’s economic recovery.
Funds will be used to modernise its portfolio.
Local financial firms are expected to remain resilient even should the economy slip into a recession again.
The Mapletree group of companies led the index on 28 July.