Singapore-based SingTel,which holds 32.3 per cent stake in Bharti Airtel,today posted 30 per cent jump in net profit to Singapore Dollar (SGD) 1,288.7 million for the quarter ended on March 31,2012. The company had reported a net profit of SGD 991.8 million during the same period a year ago. SingTel attributed the increase in this net profit to "exceptional net tax credit of SGD 270 million on an increase in value of assets transferred to an associate". The contribution from associate companies of SingTel also increased by 6 per cent during the quarter. "The regional mobile associates turned in marked improvements in their operating and financial performance. Despite the weaker regional currencies and fair value losses,contributions from our associates rose 6 per cent," SingTel Group CEO Chua Sock Koong said in a statement. SingTel reported decline in overall pre-tax contribution from Airtel to SGD 139 million,partly due to the weaker Indian rupee,which fell 12 per cent against the SGD. "Airtel South Asia posted a strong revenue growth of 10 per cent. However,earnings were affected by India¿s 3G rollout costs,licence fees amortisation and higher finance expense," SingTel said in a statement. However,Airtel Africa operations continued to register double-digit revenue during the quarter and EBITDA (indicates cash flow in company) growth driven by network expansion and customer growth. The operating revenue of the company during the reported quarter grew marginally by 3 per cent to SGD 4,780.2 million from SGD 4,642.5 million reported for the same period in Financial Year 2011. For year ending March 31,2012,SingTel posted increase of 4.36 per cent in net profit at SGD 3,989.5 compared to SGD 3,822.7 it reported at the end of FY'11. The annual operating revenue of the company grew by 4.17 per cent to SGD 18,825.3 million compared to SGD 18,070.6 million it reported for FY'11.
