SINGAPORE (May 28): Singapore Telecommunications (Singtel)’s earnings or net profit fell 26% to $574 million for the 4Q20 ended March, from $773 million a year ago, on the back of a net exceptional charge of $302 million from Bharti Airtel’s provision for the spectrum charge.

This brings its full-year earnings to $1.08 billion, a 65% drop y-o-y due to Airtel’s exceptional charges of $1.80 billion on for regulatory costs.

“This has been a challenging year, given structural shifts in the industry, already soft economic conditions, adverse regulatory outcomes in India and the onset of COVID-19 in the fourth quarter. Travel and movement restrictions have led to significant reductions in roaming and prepaid revenues and slowing economic growth has impacted business spend,” says Chua Sock Koong, group CEO of Singtel.

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