Singtel registered growth in mobile in Singapore and Australia in fiscal H2 2023 (ending 31 March), driven by gains in prepaid subscribers, roaming and 5G migration.

In an earnings release, CEO Yuen Kuan Moon cited the reach of its 5G network, a recovery in roaming and focus on costs for reviving its core businesses.

“Our solid financial performance in the second year of our strategic reset reflects the tangible progress we have made against our business priorities in spite of the uncertain macroeconomic environment.”

Net profit increased 6.1 per cent year-on-year to SGD1.1 billion ($813.2 million).

Operating revenue fell 4.2 per cent to SGD7.4 billion due to the loss of NBN migration revenue in Australia and contributions from Amobee, along with a 7 per cent depreciation in the value of the Australian dollar.

Its regional associates’ pre-tax contributions increased 3.7 per cent to SGD1.1 billion.

The company attributed a decline in growth to significantly weaker currencies in the region.

Mobile revenue in Singapore grew 12.7 per cent to SGD431 million on higher roaming income, 5G adoption and prepaid customer growth.

Equipment sales were up 5 per cent to SGD227 million.

Prepaid subscribers rose 9.5 per cent to 1.4 million. Post-paid users were up 2 per cent to 2.9 million.

Blended ARPU grew 9.3 per cent to SGD26. Monthly data usage increased 12.9 per cent to 10GB.

Pay-TV revenue dropped 21.9 per cent to SGD68 million due to a decline in customers and price reductions.

Fixed broadband rose 2.8 per cent to SGD140 million.

Total operating revenue at Optus rose 4.5 per cent to AUD4.1 billion ($2.7 billion), on a 7.4 per cent increase in mobile revenue to AUD1.9 billion and a 3.8 per cent rise in equipment sales to AUD839 million.

Broadband and fixed-line revenue was flat at AUD610 million.

Its prepaid subscriber base increased 8.8 per cent to 3.3 million and ARPU fell 1.9 per cent to AUD19. Post-paid users rose 1.5 per cent to 5.9 million and ARPU grew 1.8 per cent to AUD41.

Average data consumption grew 19.4 per cent to 16GB.

Across the full fiscal 2023, Optus deployed 1,200 5G sites, taking its total to about 3,000.

Group capex for fiscal 2024 is forecast to rise 17.4 per cent to SGD2.7 billion, with SGD1.4 billion earmarked for Optus, which continues to deploy its 5G network.