By P.R. Venkat


Singapore Telecommunications Ltd. first-half net profit rose 23%, mainly supported by divestment gains.

The telecom operator's net profit for the first half ended September was 1.17 billion Singapore dollars (US$834.11 million), the company said Thursday.

Operating revenue, however fell 5% to S$7.26 billion mainly on account of the weaker Australian dollar and absence of contribution from Amobee, which was sold earlier this year, Singtel said.

"The macroeconomic outlook has become more challenging with persistently high inflation and rising interest rates likely to continue curbing economic growth," the company said adding that the recent cyber attack on its Australian unit Optus is expected to hurt its near-term performance.

Singtel said that it was well-positioned to weather the headwinds given its robust financial position and cash generation.


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


Corrections & Amplifications

This item was corrected at 0111 GMT to reflect Singtel's net profit for the first-half ended Sept. 30 was 1.17 billion Singapore dollars. The original version incorrectly said net profit was 1.17 million in the second paragraph.

(END) Dow Jones Newswires

11-09-22 1842ET