Singapore Telecommunications posted net profit of $S792 million ($A796 million) for the first half of fiscal 2002, 31.7 per cent lower than the $S1.19 billion net profit for the same period last year.
Weak economic conditions in Singapore held back the company's growth, although subsidiary Optus performed strongly, the company said in the statement.
Revenue for the six months to September 30 reached $S4.92 billion compared to $S2.49 billion for the same period last year, when Optus results were not included. SingTel's revenue in Singapore fell by 4.7 per cent from the year before, while Optus recorded a 12 per cent revenue rise, according to the statement.
Growth areas for SingTel included broadband services, where subscriber numbers and revenue more than doubled, and mobile communications, while revenue from international voice traffic fell sharply and Internet/data services revenue also fell.
Although regarded as one of the region's healthiest telecommunication operators, SingTel has been unable to persuade investors to share its positive outlook. The company has seen its stock price slide to $S1.40 from $2.42 last year when it announced its takeover of Optus.