By Justina Lee
Singapore Telecommunications Ltd. (Z74.SG) swung to a net loss in the second quarter as earnings were weighed down by a significant provision at Indian associate Bharti Airtel.
Singtel's net loss in the July-September period was 668 million Singapore dollars ($490.4 million) compared with a net profit of S$667 million in the same period a year earlier, it said late Thursday.
Excluding Bharti Airtel, Singtel's net profit grew 4.2% on year in 2Q.
Bharti Airtel recorded an exceptional provision of approximately S$5.49 billion in the quarter, with Singtel's share amounting to S$1.93 billion before tax, the company said.
Bharti Airtel was affected by a court ruling in India regarding the definition of adjusted gross revenue for the local telco industry, it said.
Singtel's operating revenue fell 2.8% to S$4.15 billion.
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