But it increased by 9% QoQ.
Singtel’s operating revenue fell by 3% YoY in 3Q FY21, according to OCBC.
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However, revenues increased by 9% QoQ that was driven by higher equipment sales revenue on festive promotions and strong demand for popular premium handsets though it was offset by the national broadband network (NBN) migration revenue due to the near completion of the NBN rollout in Australia.
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Excluding NBN migration revenue, operating revenue, EBITDA and EBIT increased 10%, 3% and 10% QoQ, respectively largely due to Australia Consumer and Amobee, according to OCBC.
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OCBC also predicts that the return of the travel market will further boost Singtel’s mobile operations, especially in Singapore with FY21 revenue of $15.1b increasing to $15.6b in FY22.
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