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Investing.com -- Singapore Telecommunications (Singtel), on Wednesday, reported a nearly threefold increase in third-quarter earnings, propelling its shares to almost six-year highs. The telecom company also issued an optimistic annual earnings outlook.
Singtel’s shares climbed 1.2% to S$3.37, marking their strongest trading session since January 31, provided the gains hold. The stock is nearing its S$3.475 high from July 2019.
The company’s net profit for the three-month period ending December 31 soared 183.4% to S$1.3 billion ($968.85 million), up from S$465 million the previous year.
This significant increase in earnings was driven by a net exceptional gain of S$639 million. This gain came from the disposal of partial stakes in Thailand associate Intouch and Indara, previously known as Australia Tower Network.
The gain also included Singtel’s share of an exceptional gain from its stake in India’s Bharti Airtel (NSE:BRTI).
In contrast, Singtel had reported a net exceptional loss of S$94 million the previous year. The positive earnings outlook and the substantial increase in Q3 earnings highlight a significant turnaround for the company.
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