May 27, 2021
published at 1:23 AMReuters
A man using his mobile phone passes a Singtel signage at their head office in Singapore.
Reuters
SINGAPORE - Singapore Telecommunications Ltd posted its lowest net profit in at least two decades on exceptional losses and outlined a strategy to focus on areas such as 5G and develop new growth engines in information-communication technologies.
Singtel, Southeast Asia’s largest telecoms operator, reported that annual net profit halved to $554 million - the lowest since at least 1998. Underlying net profit, which excludes exceptional items, was down 30 per cent year-on-year to $1.73 billion.
Singtel recorded exceptional charges of about $1.18 billion for the full year, mostly related to impairment charges on its investments in digital marketing arm Amobee and cyber-security business Trustwave. It had flagged the charges earlier this month.
UPDATE 1-Singtel mulls options for Amobee, Trustwave; sees $907 mln annual charge Reuters 1 hr ago
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May 14 (Reuters) - Singapore Telecommunications Ltd said on Friday it had begun a strategic review to consider options for digital marketing firm Amobee and cyber-security business Trustwave.
Singtel said it expected to record a S$1.21 billion ($907.3 million) charge in its full-year results, mostly due to impairment of assets and goodwill at the two businesses.
Singtel has been facing slowing growth in its traditional carrier business and has been trying for years to diversify in new sectors.
It bought U.S.-based Amobee for $321 million in 2012 and completed the acquisition of Trustwave at a reduced price of $770 million in 2016.
By Reuters Staff
2 Min Read
(Reuters) - Singapore Telecommunications Ltd said on Friday it had begun a strategic review to consider options for digital marketing firm Amobee and cyber-security business Trustwave.
FILE PHOTO: A Singtel booth is pictured at the Money 20/20 Asia Fintech Trade Show in Singapore March 21, 2019. Picture taken March 21, 2019. REUTERS/Anshuman Daga
Singtel said it expected to record a S$1.21 billion ($907.3 million) charge in its full-year results, mostly due to impairment of assets and goodwill at the two businesses.
Singtel has been facing slowing growth in its traditional carrier business and has been trying for years to diversify in new sectors.
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