SG Morning Highlights | Singtel H1 Profit Up 82.6% to S$2.1 Billion on Exceptional Gain

Singapore shares opened lower on Thursday. The $FTSE Singapore Straits Time Index(.STI.SG)$ lost 0.04 per cent to 3,128.44 as at 9.09 am.

$Singtel(Z74.SG)$: The telco on Thursday posted a net profit of S$2.1 billion for the first half ended Sep 30, 82.6 per cent higher than the S$1.2 billion posted in the same period last year. This was supported by an exceptional gain from regional associate Telkomsel's integration of IndiHome, a fixed broadband provider in Indonesia. Singtel's shares closed 4.8 per cent lower, or S$0.12, to S$2.36 on Wednesday.

$CapitaLandInvest(9CI.SG)$: Real estate investment manager CapitaLand Investment (CLI) posted a 3 per cent drop in revenue to S$2.1 billion for the nine months ended Sep 30, compared with S$2.2 billion in the corresponding period the previous year. The dip in revenue was due to an 8 per cent decline in revenue of its real estate business to S$1.4 billion. This was partially offset by a 9 per cent growth in its fee income-related business at S$799 million, said the manager in a business update on Thursday (Nov 9).

$StarHub(CC3.SG)$: Mainboard-listed telco StarHub posted a 36.5 per cent rise in net profit to S$37.3 million for the third quarter ended Sep 30, up from S$27.4 million in the corresponding period a year earlier. Total revenue grew 5.3 per cent year on year to S$622.1 million, from S$590.8 million a year ago. Service revenue for the quarter grew 8.9 per cent on the year to S$526 million, as a result of increased contributions across most business segments, as well as the consolidation of MyRepublic Broadband subscribers, said StarHub in a business update on Wednesday (Nov 8).

$Food Empire(F03.SG)$: Mainboard-listed Food Empire Holdings on Wednesday (Nov 8) posted a 30.6 per cent decline in net profit to US$15.7 million for its third quarter ended Sep 30. This is down from US$22.6 million in the corresponding year-ago period. The decrease in net profit was attributed to the absence of a one-off gain of US$15 million from the disposal of a non-core asset in Q3 2022, said the instant coffee manufacturer in a business update, though it added that this was partly offset by better operating profits and lower foreign-exchange losses.

$Far East Orchard(O10.SG)$: Real estate group Far East Orchard posted earnings of S$7.6 million for the first nine months ended September, up 18.8 per from S$6.4 million the year before, on the back of a continued recovery in the hospitality sector. Revenue jumped 36.7 per cent to S$134.1 million for 9M FY2023, from S$98.1 million in the year-ago period. In a business performance update on Wednesday (Nov 8), the group attributed its revenue growth to the hospitality business, which has continued to recover strongly, with international demand for travel driving higher occupancies and room rates.