SingTel

SingTel: 2QFYMar12 net profit was $882m, -1.2% yoy, marginally below consensus expectations of $895m.

Operating revenue rose 3.9% on the year to $4.61b, on growth from its Spore and Australia operations (helped mainly by the stronger AUD). Revenue from Optus rose 0.7% from a year earlier to A$2.34b, but in SGD terms, the revenue rose 5.6% to $3.01b because of a 4.9% gain in the AUD vs the local dollar. Optus's net profit rose 4% to A$182m.

Pretax profit from associates fell 12.1% on the year to $471m. Bharti Airtel, in which SingTel owns a 32.3% stake, contributed $131m, -37% yoy, bcs of continued losses from the operator's African operations. The contribution from Bharti worsened by a 9.1% decline in the value of the Indian rupee against the SGD. Telkomsel and Globe contributions were flat yoy, at $233m and $48m rptvly, while AIS contribution was up 17.2% to $78m, despite a 5.6% decline in value of THB vs the SGD.

SingTel will pay an interim dividend of 6.8 cts/sh, unchg yoy.