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SingTel suffers 17% earnings drop as Asian demand slows

posted onMay 15, 2009
by hitbsecnews

Singapore Telecommunications warned yesterday that earnings could fall this year because of slowing demand in neighbouring Asian markets, which provide more than two-thirds of its sales and profits.

"If you look at the economic data that continues to be released, we're still seeing a downtrend," said Chua Sock Koong, the SingTel chief executive. SingTel said it was still looking at foreign acquisitions, with Pakistan as a possible area of growth because of industry consolidation. It owns 30 per cent of Pakistan's Warid Telecom.

South-east Asia's largest telecoms group said net earnings fell 17.3 per cent to S$903m (US$616m) in the January-March period and declined by 12.9 per cent to S$3.96bn for the full fiscal year ending March 31.

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