Singapore Telecommunications (Z74.SG) fiscal 1Q net profit likely to edge down 1% on-year to $936 million, weighed by lower contribution from associates, higher expenses to buy World Cup rights; operating revenue likely +11.7% on-year, according to Dow Jones poll of five analysts.

Poll tips 1Q revenue +11.9% on-year at $4.31 billion. “We expect the contribution from associates to be a drag on the company’s overall profitability, despite likely positives including a strong performance by subsidiary Optus and favorable currency fluctuations,” Daiwa says in note.

Associates facing lower ARPUs due to competition. SingTel to report 1Q earnings before market opens Thursday.