Singtel’s net profit jumps 23.8% YoY to $734m in Q3
This is despite a decline in the telecom's consolidated operating revenue.
Singtel’s net profit grew 23.8% YoY to $734m in the third quarter of the financial year that ended 31 December 2021.
This is despite a decline in the telecommunication's consolidated operating revenue; earnings before interest, taxes, depreciation, and amortization (EBITDA); and earnings before interest and taxes (EBIT) by 7.7%, 1.7% and 4.3% respectively.
The company attributed the drop in its operating revenue, EBITDA, and EBIT on the lower national broadband network (NBN) migration revenue and equipment sales as well as the minimal jobs supper scheme (JSS) credit.
Excluding these factors, EBITDA and EBIT grew by 6.1% and 25%, respectively.
Meanwhile, Singtel’s Singapore market also saw a decline in its operating revenue by 5.2% on the back of “lower mobile equipment sales revenue due to supply constraints caused by global chipset shortages, lower mobile connections and longer handset replacement cycles.”