Airtel shines whereas Singtel posts lowest profit in over 20 years

Singapore’s leading telecommunications operator, Singtel, last week reported a 49 percent decline in annual net profit to SGD 554 million (USD 420 million), its lowest in over 20 years.Operating revenue for the financial year which ended March 2021 weakened five percent to SGD 15.64 billion (USD 11.85 billion) and underlying net profit before exceptional items fell 30 percent to SGD 1.73 billion. The company cited “continued industry and COVID-19 headwinds” for the underwhelming performance.

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