SingTel reported their FY2019 full year results yesterday. With it being my largest holding in my portfolio, I obviously have a vested interest in SingTel’s performance. Here are some highlights.

A Mixed Bag Year on year Source: SingTel FY2019 Results announcement

Operating Revenue is flat-ish year on year. Unfortunately, EBITDA margins have been falling and associates pre-tax earnings continue to be under pressure. Underlying net profit drops 21%. Nothing too unexpected, very much in line with guidance and past few quarter’s expectations.

Quarterly trends

As investors in SingTel, we have to be on the constant lookout for signs of a turnaround. Share of Associates’ Profits are on the rise in the past 3 quarters, but is still down year on year. Underlying profit, EBITDA and Net Profit is slightly trending down to flattish.

We’ll have to see if associate profits continue their upward trend in FY2020 or reverse the