SingTel's subsidiaries struggle with disappointing growth

Bharti’s contribution fell 44% and Optus' revenue declined 3.2%.

Here's more from DBS:

Optus was weaker than expected. Optus EBITDA fell -2.6% y-o-y to A$545m as revenue declined 3.2%. Key reasons were mobile termination rate cuts, service credits associated with tablet repayment plans and lower equipment sales. Optus has restructured its workforce and cost base including a headcount reduction of 475 in the quarter. It has also lowered device subsidies, and subscriber acquisition costs declined 19% compared to the last corresponding quarter.

Bharti’s weakness offset growth at other associates. Overall, associate’s post-tax contribution was stable at S$364m. Bharti’s contribution fell 44% y-o-y to S$58m but was offset by growth at Telkomsel (+18% y-o-y) and AIS (+54% y-o-y). Bharti was hurt by rising competition in India, higher lossesin Africa and a weak Indian rupee.

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