By P.R. Venkat

Singapore Telecommunications Ltd.'s net profit in the first half ended September more than doubled, supported by a turnaround in the business of its Indian associate and resumption of economic and business activities following easing of Covid-19 restrictions.

Net profit came in at 954 million Singapore dollars (US$705.20 million) compared with S$466 million in same period last year, Singtel said Thursday.

Revenue rose 3% on year to S$7.65 billion, mainly lifted by higher mobile service revenue in Australia and strong digital services and data centre revenue.

"We are making headway in our other strategic priorities, including the roll out of commercial 5G services and unlocking the value of our infrastructure assets with the partial divestment of Australia Tower Network which operates Optus' passive telecommunications tower infrastructure," Singtel chief executive Yuen Kuan Moon said.

Singtel said that its cash position remains healthy and that free cash in the first half rose 4% on year to S$1.77 billion. This was mainly due to higher dividends from its associates.

The company reaffirmed its earlier guidance that it expects dividends payout by its associate to be at least S$1.3 billion for this year. Capital expenditures including that for 5G networks is expected to be around S$2.4 billion.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

11-10-21 1844ET