Singtel's net profit has hit a 16-year low amid industry and economic headwinds, according to results released before the market opened yesterday. The mainboard-listed telco posted a 35 per cent dive in net profit for its first quarter ended June 30, to $541.1 million, down from $831.5 million in the year-ago period. This marks its lowest quarterly showing since 2003, when net profit before goodwill stood at $461 million for the fourth quarter to March 31 that year. Singtel said the slump in its latest earnings was largely due to losses at its Indian associate Bharti Airtel, as well as higher depreciation and amortisation costs in network and spectrum across the group. Excluding Airtel, net profit would have fallen 3.4 per cent, Singtel said. Its share of associates' pre-tax profits fell by 13.7 per cent to $359 million, largely led by Airtel. Despite the intense competition in India's telecommunications market having whittled the number of players down to three, Singtel management … [Read more...] about Singtel’s quarterly profit hits 16-year low
Net profit vs gross profit
Nintendo’s Q1 net profit drops 46% on forex losses
Nintendo said net profit shrank "as a result of foreign exchange losses of 12 billion yen and other factors" TOKYO - Japanese entertainment giant Nintendo said Tuesday its net profit in the first quarter dropped 46 percent due to exchange rate losses, but reported steady sales of its Switch gaming platform.Net profit for the April-June period fell 45.7 percent from a year earlier to 16.6 billion yen ($150 million), but the Kyoto-based consumer gaming juggernaut kept full-year forecasts unchanged."Hardware and software sales increased 13.2 percent and 25.9 percent respectively," the company said, with "Super Mario Maker 2" and "Mario Kart 8 Deluxe" both selling well.But net profit shrank "as a result of foreign exchange losses of 12 billion yen and other factors," it said.Sales rose 2.4 percent to 172 billion yen while operating profit fell 10.2 percent to 27.4 billion yen.For the fiscal year to March 2020, Nintendo forecasts a 7.2 percent decline in bottom-line profit but … [Read more...] about Nintendo’s Q1 net profit drops 46% on forex losses
MBSB’s Q1 profit tumbles 73.5% on higher expected credit losses
PETALING JAYA: Malaysia Building Society Bhd’s (MBSB) net profit slumped 73.5% to RM83.83 million for the first quarter (Q1) ended March 31, 2019 against RM316.79 million in the previous corresponding period, dragged down by higher expected credit losses. Revenue for the quarter also fell 3.8% to RM784.04 million from RM815.04 million. The group said in a filing with the stock exchange that the increase in expected credit losses as due to writeback recorded in Q1 18 as a result of staging improvement from stage 2 to stage 1 impairment. Its net income stood at RM365.03 million in Q1 2018, 5.01% higher than the RM347.63 million recorded in Q1 2019. MBSB’s gross loans and financing stood at RM35.44 billion in Q1 19, consistent with RM35.17 billion recorded in Q1 8. Net impaired financing ratio was at 2.11% in Q1 19, an improvement compared to 2.39% in Q4 18 but regressed compared to 1.82% in Q1 18. Gross impaired loans, financing and advances coverage ratio stood at 114.47% in … [Read more...] about MBSB’s Q1 profit tumbles 73.5% on higher expected credit losses
Thai Union sees 46.5% surge in Q1 net profit
“Our first quarter performance was a positive start to the year for Thai Union. Thanks to continued operational efficiencies and continued margin recovery, we are starting to see the flow-on benefits, with a recovery in our overall performance and normalising of our operations,” said Thiraphong Chansiri, CEO of Thai Union Group. Gross profit increased 29.3 per cent from a year earlier to Bt4.38 billion, while the gross profit margin improved to 14.9 per cent from 11.6 per cent in the first quarter last year. Stable raw material prices along with stronger performances from Thai Union’s ambient seafood and PetCare businesses contributed to the recovery. Operating profit increased 10-fold year on year to Bt1.02 billion with its selling, general and administration (SG&A) ratio at 11.4 per cent, compared to 11.2 per cent in the first quarter of 2018. Consolidated sales were Bt29.36 billion, up 0.1 per cent from a year earlier. However, … [Read more...] about Thai Union sees 46.5% surge in Q1 net profit
ZTE Corp swings to first-quarter profit of 862.6 million yuan
Business ZTE Corp reported a first-quarter profit of 862.6 million yuan, as expected, up from 276 million yuan in the preceding three months, as it recovered from last year's U.S. sanctions, and forecast a net profit of 1.2 billion yuan to 1.8 billion yuan in the first half of the 2019. 29 Apr 2019 07:45PM Bookmark HONG KONG: ZTE Corp reported a first-quarter profit of 862.6 million yuan, as expected, up from 276 million yuan in the preceding three months, as it recovered from last year's U.S. sanctions, and forecast a net profit of 1.2 billion yuan to 1.8 billion yuan in the first half of the 2019.The profit was on the lower end of the company's forecast range of 800 million to 1.2 billion yuan. It reported a net loss of 5.4 billion yuan for the corresponding quarter a year earlier, which booked the impact of a crippling U.S. supplier ban that has now been lifted.It forecast to make a net profit of 1.2 billion yuan to 1.8 billion yuan in the first half of the 2019, compared … [Read more...] about ZTE Corp swings to first-quarter profit of 862.6 million yuan