SINGTEL : Z74 0% reported on Monday (Aug 21) that its net profit for the first quarter ended Jun 30 dropped 23.1 per cent to S$483 million from S$628 million in the corresponding year-ago period.

The drop was mainly attributed to a net exceptional loss of S$88 million, compared to a net exceptional gain of S$129 million in the same period a year earlier. 

The net exceptional loss came from Bharti Airtel as it recorded significant foreign exchange losses from a steep devaluation of the Nigerian naira against the US dollar. Singtel’s share of this exceptional loss amounted to S$62 million.