SingTel nets 100,000 World Cup home subscribers, posts 17% net profit drop in Q1

The SingTel building in Somerset Road. Telco SingTel garnered more than home 100,000 subscribers for its recent World Cup screening, but saw a 17 per cent drop in net profit in the first quarter from a year earlier. -- PHOTO: ST FILE
The SingTel building in Somerset Road. Telco SingTel garnered more than home 100,000 subscribers for its recent World Cup screening, but saw a 17 per cent drop in net profit in the first quarter from a year earlier. -- PHOTO: ST FILE

SINGAPORE - Telco SingTel garnered more than 100,000 subscribers for its recent World Cup screening, but saw a 17 per cent drop in net profit in the first quarter from a year earlier.

For the three months ending June 30, its pay-TV revenue rose by 65 per cent year-on-year to $63 million. Excluding World Cup revenue, its mioTV revenue would be $53 million. Its total mioTV subscribers remained unchanged at 418,000 during the quarter compared with the preceding quarter.

Overall, SingTel reported a 3 per cent year-on-year drop in total revenue to $4.14 billion during the first quarter, dragged down by the weaker business performance of its Australian unit Optus and weaker regional currencies.

Net profit dipped 17 per cent to $835 million on staff restructuring costs incurred in Australia and its share of Bharti Airtel's exceptional losses. In the same quarter last year, it had a $150 million exceptional gain on the dilution of its Bharti Airtel stake.