The Sydney Morning Herald
12 Aug 2008
Matt O'Sullivan
OPTUS has posted a flat net profit of $122 million for the first quarter as it goes all-out to boost its market share of the mobile phone market in the face of intense competition from Telstra.
But its parent, Singapore Telecommunications, suffered a 5 per cent fall in first-quarter profit to $S878 million ($710 million), blaming volatile currencies in South-East Asia where it has subsidiaries. The worse-than-expected result shows SingTel is starting to feel the effect of slowing economies in developing countries such as the Philippines and Indonesia, which have been big growth drivers in recent years. Rising fuel and food prices mean the rate of growth in customer expenditure is waning.
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