August 7, 2018 / 11:40 PM / 3 months ago

Singtel's Q1 profit drops 6.6 pct on competition, forex

SINGAPORE, Aug 8 (Reuters) - Singapore Telecommunications reported a 6.6 percent fall in its first-quarter profit, in part due to intense competition in some of its markets and adverse currency movements.

Singtel, Southeast Asia’s largest telecom operator, posted net profit of S$832 million ($610.5 million) for the three months ended in June, compared with S$890 million a year ago.

Underlying net profit, which excludes one-time items, fell more than 19 percent to S$733 million. Revenue fell 0.5 percent to S$4.13 billion. ($1 = 1.3629 Singapore dollars) (Reporting by Aradhana Aravindan; Editing by Stephen Coates)

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