Optus grows as parent SingTel suffers

Optus grows as parent SingTel suffers

SingTel net profit down $863 million, but Optus posts 17% profit growth

Optus has posted revenue growth of 8.7 per cent and boosted its profits by 17 per cent to $193 million in Q4, 2009, outperforming its parent company, SingTel, which recorded a 0.9 per cent drop in net profits worth $863 million.

According to a statement released by the parent company, the fluctuating currency market and fallout from the global financial crisis were the main culprits.

“While revenue in local currency terms increased 8.7 per cent in Australia and 13 per cent in Singapore, the Group’s operating revenue in the fourth quarter fell 5.1 per cent…as a result of the steep 21 per cent decline in the Australian dollar against the Singapore dollar from a year ago,” the statement said.

Optus, which recently signed a five-year $500 million contract with ANZ, reports that business and wholesale fixed revenue has grown by 2.3 per cent with Optus Business continuing to focus on IP-VPN and on-net traffic systems.

Despite being fined a six-figure sum for spamming and sacking over 100 staff across Australia, Optus continues to increase its customer base with a 9.1 per cent year-on-year increase in mobile customers and 27 per cent revenue growth in on-net broadband.

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