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SingTel Expects Macroeconomic Problems in 2023 Despite First-half Growth

Aria Thomas

Nov 10, 2022 14:36

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Despite a 23% rise in its first-half net income, Singapore Telecommunications (SingTel) said on Thursday that the company may have to shoulder the weight of further macroeconomic issues that are expected to persist beyond fiscal year 2023.


Due to rising inflation and interest rates, the company emphasized that it is "well-positioned" to endure headwinds as a result of its solid financial position and cash generation.


SingTel, which is undergoing a strategic reset, posted a net profit of S$1.17 billion for the month of September, compared to S$954 million for the same period last year.


The company's performance was boosted by a remarkable turnaround at Bharti Airtel, which it partly owned, and an unprecedented gain of S$1.01 billion ($720.25 million) from the sale of a portion of its Airtel investment.


Optus, the Australian division of SingTel, announced a major data breach impacting up to 10 million consumers.


SingTel has established a provision of A$140 million ($89.9 million) for Optus as an exceptional expenditure for external independent review, third-party credit monitoring services, and the replacement of identification documents as required.


CEO Yuen Kuan Moon commented on Optus and its actions, stating, "Although the cyber attack slowed Optus' development at the conclusion of the first half, we expect Optus to return stronger."


SingTel issued an interim dividend of 4.6 Singapore cents per share in addition to a special payment of 5.0 Singapore cents per share, noting that its net debt has fallen by about a third in comparison to the previous year.


Singtel recorded a S$1 billion noncash impairment charge on Optus' goodwill as a result of a weaker Australian dollar and bad customer sentiment. Nonetheless, the company guaranteed that the impairment would not have any effect on its cash flow or performance.

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