SINGAPORE (May 29): Analysts are remaining positive on Singapore Telecommunications (Singtel) despite the company’s results announcement yesterday, which recorded its lowest final year earnings since 1993 and a slash in dividends.
Singtel announced a 26% fall in 4Q20 earnings to $574 million from $772 million a year ago, on the back of a net exceptional charge of $302 million from Bharti Airtel’s provision for the spectrum charge.
4Q20 operating revenue fell 10% y-o-y to $3.90 billion from last year’s $4.34 billion due largely to the 6% depreciation in the Australian dollar. Earnings before interest, tax, depreciation and amortization (EBITDA) for the quarter declined 12% y-o-y to $1.03 billion.
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