Singapore: Singapore Telecommunications Ltd forecast its first drop in annual revenue in 14 years after it posted a weaker-than-expected quarterly profit, hit by tough competition in its key Australian market.
SingTel, Southeast Asia's largest telecommunications firm by market value, relies on Australian unit Optus for two-thirds of its revenue, but competition with the likes of Telstra has grown increasingly fierce amid slowing growth in that country's mobile market.
SingTel said on Wednesday that it now expects a mid-single digit percentage decline in Australian operating revenue for the financial year ending March 2013, a reversal from its earlier forecast for a low-single-digit increase. Full story
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SingTel sees first revenue fall in 14 years on Australia weakness - Reuters
