SINGAPORE (07/31/2000) - Singapore Telecommunications Ltd. (SingTel) increased net profit by 13.3 percent to S$559.7 million (US$322.8 million) for the quarter ended June 30, 2000, on revenue up 2.6 percent at S$1.23 billion the company announced Friday.
The quarter was the first since Singapore completely deregulated its telecommunications market on April 1.
The results were strengthened by effects of the economic recovery in Singapore and the region and robust growth in demand for data services, SingTel said in a statement.
The rise in revenue for the quarter was due mainly to strong growth in the demand for leased circuits, bandwidth and Internet-related services. The company's public data and private network business increased by 51.1 percent, SingTel said.
Overseas associates now account for 26 percent of SingTel's revenue as it increases its geographical expansion, the company said.
Its latest international venture is the C2C cable network, a pan-Asian submarine cable system linking Japan, South Korea, Taiwan, Hong Kong, the Philippines, Singapore and, subject to regulatory approval, China. Orders in excess of US$1.4 billion in value have already been received for capacity on the network, SingTel said.
Since April, SingTel has engaged in a downward price spiral for international telephone calls with its chief competitor StarHub Pte. Ltd. SingTel Monday launched a budget international IP (Internet Protocol) telephony service that can cut as much as 79 percent off standard call rates to major cities, SingTel said.
SingTel, in Singapore, can be reached at +65-838-2740 or online at http://www.singtel.com/.