Hefty one-off gain boosts Singtel’s net profit to $942m in Q1

Profit jumped 13% thanks to gains from Airtel.

Singtel reported that its net profit climbed 13% to $942m in the first quarter, boosted by an exceptional gain from India-based associate Bharti Airtel.

The group netted a gain of $32m from Airtel, compared to an exceptional loss of $17m in the same quarter last year. Singtel also bagged a $23m gain from the sale of venture investments, which was partially offset by an impairment charge of $5m on certain venture investments.

Post-tax contributions from the associates increased 8.6% with strong earnings growth at Telkomsel, AIS and Globe.

Excluding exceptional gains, underlying net profit was up 1.6% and grew 4.6% in constant currency terms.