November 7, 2018 / 11:27 PM / a year ago

Singtel Q2 underlying net profit drops 22 pct

SINGAPORE, Nov 8 (Reuters) - Singapore Telecommunications Ltd on Thursday reported its underlying net profit fell 22 percent in the second-quarter, hit by lower contributions from some of its regional associates and a stronger Singapore dollar.

Singtel, Southeast Asia’s largest telecom operator, posted net profit of S$667 million ($486 million) for the three months ended in September, compared with S$2.85 billion a year ago. Last year’s results included an exceptional gain from the partial divestment of its stake in its broadband unit NetLink Trust.

Underlying net profit, which excludes one-time items, was S$715 million versus S$915 million a year-ago.

Singtel owns stakes in a number of regional telecom operators including India’s Bharti Airtel, whose earnings have suffered from intense competition in its home market.

$1 = 1.3718 Singapore dollars Reporting by Aradhana Aravindan; editing by Richard Pullin

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