ASX listed Singapore Telecommunications Ltd
(ASX:SGT) has posted an 8.9 per cent rise in first half net profit to $1.47 billion thanks to a strong performance from its Australian business Optus.
Second quarter net profit came to $740 million, a rise of 10 per cent.
Looking at Optus’ results the company posted net profit of $291 million for the half year, up 18 per cent on the same period last year, and profit of $152 million for the second quarter, an increase of 22 per cent.
Optus CEO Paul O’Sullivan says the company strengthened its position in the market following four quarters of double-digit mobile service revenue growth.
In addition the company continued to build profitable scale across its fixed networks with the fixed on-net telephony customer base now exceeding one million.
The company says it expects operating revenue for each of the Singapore and Australia businesses to grow at single-digit level for the current financial year and earnings before interest, tax, depreciation and amortisation of the respective businesses to grow at low single-digit level.
Singtel posted net profit of $3.448 billion Singaporean dollars in 2009.
