Singapore phone company 4Q profit rises 24 percent

SINGAPORE – Singapore Telecommunications Ltd. said its profit rose 24 percent last quarter, boosted by higher income from its local and Australian businesses.

The company, also known as SingTel, said in a statement Tuesday that net profit for the October-December period rose to 991 million Singapore dollars ($697 million) from SG$799 million ($562 million) a year earlier.

SingTel's stakes in telephone companies in Australia, Thailand, Indonesia, India, the Philippines, Pakistan and Bangladesh account for more than half of the company's profits.

Operating revenue rose to SG$4.45 billion ($3.13 billion) from SG$3.7 billion ($2.6 billion) a year earlier.