The Hindu Business Line : Bharti's share in Singtel Q4 profit soars 18%

SINGAPORE/NEW DELHI: Singtel, which holds nearly 30 per cent stake in India's Bharti Airtel, has posted a steep drop in the fourth quarter profit to about $615.3 million even as the Indian entity's contribution to the bottomline rose 18 per cent during t he same period.

Hit by foreign exchange volatility and impairment charge, Singapore telecom major Singtel's profit slumped 17.3 per cent to S$903 million for the fourth quarter ended March 31, 2009.

In the year-ago period, the profits stood at S$1.09 billion, it said in a statement. Moreover, Singtel said that it expects local currency earnings of its two largest associates - Bharti and Indonesia's Telkomsel, to grow.

The Indian telecom giant Bharti's contribution to the group's pre-tax ordinary profit was S$225 million for the fourth quarter, an increase of 18.4 per cent in local currency terms (Indian rupees).

Bharti's profit-share rose by 1.4 per cent in terms of Singapore dollars.

“In the fourth quarter, the group's share of Bharti’s pre-tax ordinary profit in Indian rupee terms increased 18 per cent as it attracted 31.9 million new mobile customers from a year ago,” Singtel said. - PTI

S$: Singapore dollar

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