By P.R. Venkat

Singapore Telecommunications Ltd.'s third-quarter net profit rose nearly 24% on year, mainly supported by a divestment gain from its stake in its Australia Tower business.

Net profit for the quarter that ended December came in at 734 million Singapore dollars (US$544.9 million) compared with S$593 million in same period last year, Singtel said Tuesday.

Revenue was down nearly 8% on year to S$3.91 billion, mainly due to lower income caused by migration to the national broadband network. Lower equipment sales also weighed on the revenue.

"We continue to see good momentum in Optus' mobile business in Australia as well as strong growth from our data centre services as enterprises accelerate their digital transformation," Singtel chief executive Yuen Kuan Moon said.

Singtel's revenue came in better than the S$4.14 billion estimate by FactSet.


Write to P.R. Venkat at venkat.pr@wsj.com


(END) Dow Jones Newswires

02-14-22 1857ET