Singtel posts first ever quarterly loss on Bharti Airtel provision

Bharti Airtel said it made a provision of 284.50 billion (USD 3.99 billion) rupees after India’s Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

November 19, 2019 / 01:39 PM IST
 
 
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Singtel on Thursday posted a second-quarter loss of S$668 million (USD 491.29 million) hurt by a one-time charge recorded by India’s Bharti Airtel.

Bharti Airtel said it made a provision of 284.50 billion (USD 3.99 billion) rupees after India’s Supreme Court last month upheld a demand by the telecoms department that wireless carriers pay 920 billion rupees in overdue levies and interest.

Singtel, Southeast Asia’s largest telecoms firm, reported a 3% rise in underlying net profit to S$737 million for the quarter.

Singtel is the biggest shareholder in Bharti Airtel, with an effective stake of about 35 percent.
Reuters
first published: Nov 19, 2019 01:39 pm

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