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Singapore Telecommunications’ first-quarter profit falls 23%


(Reuters) – Singapore Telecommunications on Monday reported a 23% decline in its first-quarter net profit owing to a one-off loss incurred by Airtel as the Nigerian naira depreciated sharply against the U.S. dollar.

Southeast Asia’s largest telecom firm said net profit for the quarter ended June 30 was S$483 million ($355.91 million), compared with S$628 million a year earlier.

($1 = 1.3571 Singapore dollars)

(Reporting by Sameer Manekar and Upasana Singh in Bengaluru; Editing by Muralikumar Anantharaman)

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