SingTel's profit rises on strong mobile growth

SingTel's profit surges nearly 14 percent on strong growth in mobile phones.

Singapore Telecommunications (SingTel) posted a 14 percent increase in net profit during the quarter ending June 30 thanks mainly to its mobile phone businesses, the company said Thursday.

SigTel, which boasts regional associates in Bangladesh, India, Indonesia, the Philippines and Thailand, said its mobile phone subscriptions grew to 71.1 million as of the end of June, up 36 percent from 52 million at the same time last year. SingTel increased subscribers by a record high for the company of 6.3 million [M] during the quarter, the first of its fiscal year.

SingTel's net profit rose to S$796 million (AU$624 million), from S$700 million last year. Revenue increased 6 percent to S$3.21 billion, it said.

The company was pleased with sales growth in its international businesses, particularly mobile phone service, said Lee Hsien Yang, SingTel's president and chief executive officer (CEO), in a statement. Overseas investments contributed three-fourths of the quarter's revenue, he said.

SingTel holds stakes in Pacific Bangladesh Telecom, India's Bharti Tele-Ventures, the Philippines' Globe Telecom, Indonesia's PT Telekomunikasi Selular and Thailand's Advanced Info Service.

SingTel Optus, in Australia, reported its net profit rose 2 percent to A$516 million (US$393 million as of June 30) on revenue of A$1.74 billion, which was up nearly 5 percent from the same time last year.

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