Singtel cautioned it will register a loss for the second half of fiscal 2024 (ending 31 March) due to impairment charges of around SGD3.1 billion ($2.3 billion), with the majority stemming from a lower valuation of its Optus unit in Australia.

Following a review of its investments, Singtel expects to record an exceptional non-cash impairment provision of SGD2 billion on the goodwill of Optus, attributed to weaker prospects in the enterprise market, increased cost of capital and the softer macroeconomic outlook in Australia.

It also plans to book provisions of about AUD540 million ($354.4 million) on its enterprise fixed access network assets, SGD340 million on its Asia Pacific cybersecurity business and SGD280 million on its ICT unit NCS Australia.

The figures will be finalised during ongoing audits. It report fiscal H2 results are due on 23 May.

Last month, Singtel denied a report it was looking to sell Optus to private equity company.