Bharti airtel’s share in SingTel?s profit fell to 17.5 per cent for the three months ended March 2011. The Singapore-headquartered SingTel, which directly and through holding company Bharti Telecom holds about 32.3 per cent in Bharti airtel , announced a 2.3 per cent fall in profit.
For the last four quarters, Indonesia’s Telkomsel has been the largest contributor to SingTel’s profit outside Singapore and Australia. Prior to that, Bharti always made the largest addition. SingTel holds significant stakes in Bharti airtel, Telkomsel, Thailand’s Advanced Info Service, Pakistan’s Warid Telecom, the Philippines’ Globe Telecom, and Pacific Bangladesh Telecom.
Bharti airtel contributed S$173 million in the year ended March 2011 to SingTel’s bottom line, accounting for 17.5 per cent of its profit. A year ago, the company?s share of SingTel’s profit was 25 per cent at S$245 million. For the full year, Bharti provided S$776 million towards SingTel’s bottom line, down 21.4 per cent compared with the year ended March 2010.
Its share in SingTel’s profit has also fallen on a sequential basis considering that Bharti provided S$184 million to SingTel profits for the three months ended December 2010.
In a statement, SingTel said, “Ordinary pre-tax earnings from the regional mobile associates declined 12% to S$479 million because of weaker regional currencies against the Singapore dollar, Bharti’s fair-value losses on foreign currency liabilities, as well as losses incurred by Bharti Africa.?
