Channel NewsAsia

M1 earnings up 2.4% for second quarter of 2014

Looking ahead, M1 expects moderate growth in net profit for the year.

SINGAPORE: Telecoms service provider M1 has booked a 2.4 per cent increase in second-quarter earnings to S$44 million dollars. That will take its net profit for the first half of this financial year to S$86.7million, up 8 per cent from a year ago.

Service revenue rose 1.5 per cent for the first half of 2014 to S$412.9 million, driven by growth in postpaid and fixed customer base, as well as higher mobile data revenue. As at end June, M1 had a mobile customer base of about 2 million.

Its post-paid customer base grew by 32,000 in the second quarter alone, year-on-year, but the prepaid customer base fell by 130,000, due to regulatory changes.

M1 says it plans to continue to focus on improving service offerings to the enterprise segment after having recently launched a 10Gbps broadband service on the national fibre network.

Looking ahead, M1 expects moderate growth in net profit for the year. 

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