Table:
|  | Financial Year ended 31 March |  |  |  |
| --- | --- | --- | --- | --- |
|  | 2019 | 2018 | Change | Change in constant currency (2) |
|  | (S$ million) | (S$ million) | (%) | (%) |
| Group share of associates' pre-tax proﬁts (3) | 1,536 | 2,461 | -37.6 | -36.2 |
| Share of post-tax proﬁts |  |  |  |  |
| Telkomsel | 843 | 1,031 | -18.3 | -12.4 |
| AIS | 286 | 292 | -1.7 | -3.9 |
| Globe (3) |  |  |  |  |
| - ordinary results | 251 | 180 | 39.3 | 45.3 |
| - exceptional items | - | 22 | nm | nm |
|  | 251 | 202 | 23.9 | 29.1 |
| Intouch (3) (4) |  |  |  |  |
| - operating results | 101 | 106 | -4.4 | -6.5 |
| - amortisation of acquired intangibles | (22) | (21) | 8.3 | 5.9 |
|  | 79 | 86 | -7.5 | -9.5 |
| Airtel (3) | (131) | 101 | nm | nm |
| BTL (5) | (40) | (18) | 127.8 | 140.9 |
|  | (171) | 83 | nm | nm |
| Regional associates (3) | 1,287 | 1,694 | -24.0 | -21.5 |
| NetLink NBN Trust/ NetLink Trust (6) | 48 | 72 | -32.9 | -32.9 |
| Other associates (3) (7) | 47 | 57 | -17.6 | -17.6 |
| Group share of associates’ post-tax proﬁts (3) | 1,383 | 1,823 | -24.1 | -21.8 |
Paragraphs:
Management Discussion and Analysis
Associates
"nm" denotes not meaningful.
Notes: (1) Based on Singapore Financial Reporting Standards (International).
(2) Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2018.
(3) Share of results excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(4) Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS.
(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings.
(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings.
(6) Singtel ceased to own units in NetLink Trust following the sale to NetLink NBN Trust in July 2017 but continues to have an interest of 24.8% in NetLink NBN Trust, the holding company of NetLink Trust. The share of results included Singtel’s amortisation of deferred gain of S$20 million (FY 2018: S$32 million) on assets previously transferred to NetLink Trust, but excluded the fair value adjustments recorded by NetLink NBN Trust in respect of its acquisition of units in NetLink Trust.
(7) Include the share of results of Singapore Post Limited.
Question:
Was the change in group share of associates' profits from 2018 to 2019 more significant pre-tax or post-tax?