A turnaround may be on cards for Singapore Telecommunications (Singtel). In FY2022 ended March, despite lower revenue of $15.34 billion, the telco reported higher earnings of $1.95 billion due to an exceptional gain from divestments.
In FY2021, Singtel was forced to write down the value of digital advertising platform Amobee, which according to CFO Arthur Lang, is poised for sale. Another underperforming unit, cybersecurity brand Trustwave has effectively been cut up and parts still deemed of value absorbed.
More importantly, Singtel is seeing operational improvements or as group CEO Yuen Kuan Moon calls “solid performances” — thanks to its network of overseas mobile associates like Bharti Airtel in India. In total, the overseas associates improved their pre-tax earnings contributions by 21% y-o-y to $2.07 billion.