News: SingTel Q1 dips 2.9%

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Singapore Telecommunications Limited (ASX:SGT) says it first quarter profit dipped 2.9 per cent to $719.32 million.



Higher tax expenses as well as a fall in exchange rate gains have been blamed for the lower than expected result.



In the three months to 30 June, revenue rose 7.4 per cent and the total number of subscribers increased by 19 per cent.



SingTel’s Australian arm Optus recorded a 3 per cent rise in underlying net profit, coming in at $174 million.



The company has also purchased stakes in mobile operators in India and Indonesia to increase its market share.



In the 2010 financial year, SingTel recorded a net profit of $2.9 billion.