For the second half year to March’21, Singtel ($2.45, down 0.01) continued to face challenging market conditions due to travel and movement restrictions from the COVID-19 pandemic. Operating revenue was stable and EBITDA decreased 12% on the back of 9% appreciation of the Australian Dollar from the corresponding half year. In constant currency terms, operating revenue fell 4.8% and EBITDA was down 16%. Underlying net profit fell 22% to S$896 million, coming in at the lower end of consensus expectations.