Singtel, while reporting it’s share of 30 percent stakes in Warid, said that despite 10 percent growth in revenues in Q3 2011, Warid posted net loss; including fair value losses and the 12% depreciation of the Pakistani Rupee against the Singapore Dollar.
Singtel in it’s quarterly financial report said that Group’s share of overall pre-tax losses amounted to 14 million Singapore Dollars, 1.4% higher compared to the same quarter last year.
Financial report said that the Group’s share of pre-tax losses from Warid increased by 17% or 2 million Singapore dollars when compared to preceding quarter on increased financing costs and fair value losses.
Singtel holds 30 percent interest stakes in Warid through a deal with Dhabi Group, while remaining 70 percent shares are still owned by Dhabi Group, a privately held group based out of UAE.
Singtel said that Warid’s EBITDA improved by 21% on operating revenue growth.
Report revealed that Warid is currently in discussions with certain of its lenders in relation to a proposed restructuring of its loan facilities.
As at 30 September 2011, the outstanding principal value amounted to approximately US$752 million, and was secured by a floating charge on Warid’s assets. US$90 million of these loan facilities were guaranteed by SingTel and US$512 million was secured by guarantees of the other shareholder group of Warid.
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