SingTel

SingTel: 1QFY12 results below expectations.
Revenue was $4.61b, +7.4% yoy, -0.8% qoq, as local currency revenue from both Spore and Australia rose (+2 to 3% yoy), and aided by a stronger AUD (+7.3% yoy vs SGD).
But net profit was $916m, -2.9% yoy, -7.6% qoq and weaker than consensus forecast of $943.8m.

Pretax profit from SingTel's foreign associates fell 10% yoy to $472m because of weaker regional currencies and the inclusion of a full quarter loss from Bharti Africa, though regional mobile customers rose 19% yoy to 416m. Contribution from Bharti Airtel (32.2% owned) came in at $154m, -27% yoy, while contribution from Telkomsel declined 5% to $210m.
The group's EBITDA margin fell to 27.9% from 29.3% last year, 30.0% last quarter.

For FYMar12, mgt expects consolidated revenue and EBITDA to be impacted by exchange rate movements of the AUD, though revenue from Spore and Australia should grow by a "low-single digit". The co also expects capex of ~$900m in its Spore operations and A$1.2b in Australia.
Some analysts tipping reduction in forecasts, citing higher Spore costs (eg. Pay TV rollout, depreciation), and turnaround of Bharti only toward the end of the end FY12.

Shares closed yday flat at $2.95.