Singtel's associate earnings dragged by Airtel

This led to a 3.5% dip in underlying net profit.

The past quarter had been rough for Singtel, particularly for its associates.

According to CIMB, Singtel's associates’ underlying profit contributions fell 2.5% in SGD terms to $515m.

Airtel saw pre-tax contributions drop by 42%, AIS recorded a 24% decline, and Globe posted a 10% decrease.

This is partly buffered by the positive performances by Telkomsel and Intouch.

On a quarterly basis, associate earning were steady as the lower earnings at AIS, Intouch, and Bharti were offset by higher quarterly contributions from Globe and Telkomsel.

To recall, Singtel recorded a $892m net profit in 1Q18, down 6% from 1Q17.

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