Singapore Telecommunications Limited (SingTel) reports a significant decrease in annual profit, with a US$2.3 billion impairment charge.

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SINGAPORE Telecommunications posted a 64% drop in full-year net profit on Thursday hit by a S$3.1 billion ($2.30 billion) impairment charge, majority of which relates to its mobile network operation unit Optus.

"Optus is working hard to rebuild the trust of customers after a challenging 18 months and these results demonstrate we are on the right track," Optus interim CEO Michael Venter said.

Revenues from Optus, the company's top revenue generator, was largely unchanged at A$8.06 billion ($5.34 billion).

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Category: EconomyBusiness

Markets: MalaysiaAustraliaSingapore

Topics: /Business/Business News Temasek Profit Telcos SingTel Optus

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-23 @ 09:19:00 (4 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 364 words

Reading Time: 3 minutes read

Sentences: 14 lines

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Copyright Owner: © The Star

News ID: 21061464

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