By Gaurav Raghuvanshi
SINGAPORE--Singapore Telecommunications Ltd. (Z74.SG) Thursday reported a 77% on-year drop in its fiscal second-quarter net profit, dragged by lower contributions from associates and in the absence of one-time gains.
Net profit in the July-to-September quarter was 667 million Singapore dollars (US$486 million), compared with a restated S$2.85 billion in the same period of last year, Singtel, Southeast Asia's biggest mobile telephone operator by revenue, said in a statement to Singapore Exchange.
Singtel's share of its associates' earnings halved to S$303 million from S$620 million in the year-ago period. Singtel has significant stakes in several companies, including in mobile network operators in India, Indonesia and Thailand.
The net profit was depressed by a one-time loss of S$48 million after the company had reported a one-time gain of S$1.94 billion in its second quarter last year.
Revenue was flat at S$4.27 billion.
Optus Pte., Singtel's Australian unit, reported a 37% on-year decline in its net profit to 105 million Australian dollars (US$76.4 million). Revenue rose 5.4% on year to S$2.2 billion, Optus said in a separate statement.
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