Singapore Telecommunications (SingTel), Bharti Airtel’s single largest foreign shareholder, has released its financial results for the quarter ended December 2009,

Singapore Telecommunications (SingTel), Bharti Airtel’s single largest foreign shareholder, has released its financial results for the quarter ended December 2009, according to which Bharti Airtel has accounted for 24 per cent of SingTel’s profit of S$991 million for the quarter ended December 2009. The group’s share of Bharti’s pre-tax profit rose 4.6 per cent (year-on-year) to S$235 million. This also marks the second consecutive quarter in which Bharti Airtel has been replaced by Indonesia’s Telkomsel as the largest contributor to SingTel’s profits. SingTel holds about 30.5 per cent stake in Bharti Airtel and is in the process of increasing it to 31.95 per cent over an 18-month period.