+ Stellar performance for Bharti. Bharti registered a 33% rise in profit after tax to S$112mn. The key driver to earnings was the 9% YoY increase in mobile ARPU in India to Rp200. Customers are looking to premiumize their mobile pricing plans to 4G smartphones and from prepaid to postpaid. The earnings growth at Bharti was before the exceptional loss of S$114mn from a devaluation of the Nigerian Naira (14 June) and fair value loss from its foreign currency convertible bonds.
+ Digital infraco, the new source of growth. The newly disclosed digital infraco reported an 11% rise in EBITDA to S$62mn. Earnings were driven by higher prices in the data centre and satellite deployment services.
– No respite at Optus. Optus EBITDA was hurt by a 9% decline in the Australian dollar. EBITDA margin was down 1.8% points from higher wages and electricity costs. Competitive pricing and a weakening in consumer sentiment are also placing pressure on mobile ARPU.