SingTel's profit climbed 16.4% to $1.01b

Will it keep its momentum this year?

According to OCBC Investment Research, SingTel posted 1QFY14 revenue of S$4293.3m, down 5.3% YoY and 4.2% QoQ, meeting about 24% of our full-year forecast; this largely weighed by lower revenue in Australia and the weaker AUD. 

Reported net profit though climbed 7.0% YoY and 16.4% QoQ to S$1011.0m ($1.01b), boosted by stronger EBITDA margins and higher associate contributions.

Here's more:

Core net profit (excluding exceptional items) rose 5.5% YoY (but fell 10.4%) to S$897m, also meeting 24% of FY14 forecast. Meanwhile, free cashflow also climbed 23% YoY to S$893m, mainly due to timing and higher dividend receipts from associates.

But going forward, the group’s outlook remains somewhat muted, as SingTel expects lower overall revenue (mainly from Group Consumer), with likely EBITDA compression as well. We will have more after the analyst teleconference later.

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