M1 profit up 10% in 2003

Singapore’s second largest mobile operator MobileOne (M1) has posted a 10.3% jump in net profit for 2003, a rise which it has attributed to a series of cost cutting measures undertaken during the year which have helped improve profitability in an increasingly saturated market. The cellco posted a net profit of SGD141.6 million, slightly lower than analysts’ expectations of SGD143.6 million. Operating expenses stood at SGD525.1 million, down 1.7% in the twelve-month period, with revenues rising 1.6% to SGD717.3 million.