Singapore Telecommunications on Wednesday posted its smallest annual net profit in 16 years partly due to the intense competition faced by its regional associates in India and Indonesia.
largest telecom operator, reported a net profit of S$773 million for the quarter ended March, almost flat versus the year-ago period. Its underlying net profit, which excludes exceptional items, fell 15 percent to S$697 million.
"If you look at the fourth-quarter numbers, you see very strong pickup and, in fact, topline revenue growth is about 6% on constant currency terms," she said. "You've seen good growth coming through consumer businesses both in Singapore and Australia." "Intense competition has affected the markets in India and Indonesia this past year," Chua said in a separate statement.
"We will accelerate our digitalisation efforts to drive better customer experience and improve productivity and cost structure by transforming our processes," she said.
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