SingTel eyes expansion into emerging markets to offset slowing growth - Mobile World Live

SingTel eyes expansion into emerging markets to offset slowing growth

11 NOV 2009

Singapore-based SingTel has hinted at further acquisitions in fast-growing markets such as Africa after reporting a cautious outlook at its wholly-owned subsidiaries in Singapore (SingTel) and Australia (Optus). “Africa is a market in the emerging mobile space that is definitely worth our interest, and we are always talking to our associates,” SingTel chief executive Chua Sock Koong told a news conference today, reports Reuters. Lim Chuan Poh, SingTel’s head of international operations, said the company was also looking at Vietnam, which he described as an untapped emerging telecoms market. SingTel is also a minority shareholder in Bharti and had been a key supporter of the Indian mobile operator’s merger with South Africa’s MTN, though the deal collapsed in September. 

SingTel announced today that its underlying net profit rose 19 percent to SGD952 million (US$686 million) in its fiscal second quarter (ended 30 September) from a year ago, led by robust performances in Singapore and Australia, and strong earnings recovery by Telkomsel in Indonesia. Group revenue expanded 5.4 percent to SGD4.10 billion and would have increased 8 percent if the Australian dollar had been stable from the same quarter a year ago. Singapore and Australia accounted for 54 percent of group EBITDA in the quarter. SingTel said operating revenue would grow at a single-digit pace in the two markets, an upward revision on its previous guidance for flat growth.


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