Singtel (SGX: Z74) has ramped up its capital recycling efforts in recent months. The telco divested part of its Australian tower network late last year and is also said to be mulling a listing for its Australian subsidiary, Optus. These moves have boosted the blue-chip group’s numbers as it reported its fiscal 2023 first quarter (1Q2023) business update for the period ended 30 June 2022. Singtel’s share price has done well too, rising by close to 14% year to date. Here are five highlights from the telco’s latest business update. 1. A higher underlying net profit Group operating revenue dipped by 5.6% year on year to S$3.6 billion. Underlying operating revenue, however, would have increased by 1.8% year on year if the migration revenue for Optus and contributions from Amobee were excluded. For context, Amobee was sold off for US$239 million in fiscal 2022 and its results are no longer consolidated into the group-level financials. Operating profit inched up 5.2% year on year to S$328 million....