Singtel Reports 2.9% Decline In FQ1 Net Profit

Singapore Telecommunications Ltd SGAPY reported a 2.9% drop in its fiscal first-quarter net profit. Singtel's quarterly net profit declined to S$916.2 million, from S$943.2 million, in the year-ago period. Analysts were expecting a net profit of S$943.8 million. Pretax profit from SingTel's foreign associates dropped 10% to S$472 million. SingTel's quarterly operating revenue climbed 7.4% to S$4.61 billion from S$4.29 billion. Singtel shares fell 2.62% to close at $23.77 yesterday.