Singapore Telecommunications is set to post its lowest annual profit in 16 years...
SINGAPORE - Singapore Telecommunications is set to post its lowest annual profit in 16 years on Wednesday, underscoring challenges Southeast Asia’s largest telecoms firm faces as its rivals strike deals in a highly competitive industry.
Analysts say Singapore’s second-biggest firm by market capitalization faces pressure to cut costs and find new sources of revenue, as other telcos seek ways to boost margins through measures such as job cuts and mergers. To counter slowing growth, Singtel has been making forays into areas like cyber-security, digital marketing, mobile payments and online gaming.
That compares with a record net profit of S$5.45 billion a year earlier when it benefited from a divestment gain from the listing of its broadband unit NetLink NBN Trust. Singtel announced a $525 million capital injection to Bharti Airtel to shore up its balance sheet earlier this year.
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