M1 reports 9% increase in 2004 profits

MobileOne (M1), Singapore’s second-biggest mobile operator, saw net profits for 2004 rise by 9.2% to SGD154.6 million from SGD141.6 million a year earlier. Sales rose 4.1% to SGD747.1 million from SGD717.4 million. The company ended the year with 1.162 million customers comprising 800,000 post-paid and 362,000 pre-paid customers, giving it 30.8% of the post-paid mobile market and 29.3% of the pre-paid mobile market. It added that while post-paid customers accounted for 69% of its customer base, the segment contributed 91% of mobile telecommunications service revenue. Neil Montefiore, M1’s chief executive officer, reiterated the company’s intention of launching 3G services in the second quarter of 2005.