Singtel's annual profit plunges 65%, takes $1.3 bn-hit on Airtel snag

Singapore Telecommunications Ltd on Thursday said full-year net profit plummeted 65.2% as it faced tough competition in Australia and took a S$1.80 billion ($1.28 billion) hit related to its stake in Bharti Airtel Ltd's .

Singtel, Southeast Asia's largest telco, reported net profit of S$1.07 billion for the year ended March, compared with S$3.10 billion a year earlier. Underlying net profit, which excludes exceptional items, fell 13% to S$2.46 billion.

The company almost halved its final dividend to 5.45 Singapore cents a share, down from 10.7 cents announced last year.

Weakness in the January-March quarter was exacerbated due to