MobileOne’s net profit up 10.3%, sales down 8.6%

17 Apr 2009

Singapore’s third largest mobile operator by users, MobileOne (M1), has announced its unaudited group financial results for the three months ended 31 March 2009. Net profit after tax increased 10.3% year-on-year to SGD41.9 million (USD28.0 million), mainly due to a tax adjustment arising from a decrease in corporate tax rate, as operating revenues fell 8.6% year-on-year to SGD186.4 million. The sales drop reflected a ‘challenging operating environment’, according to the company’s statement. Quarterly revenue from non-voice services as a percentage of total service revenue increased to 25.1%, compared to 23.2% a year earlier, and M1’s total customer base stood at 1.62 million at end-March 2009, up from 1.55 million twelve months previously, but down from 1.63 million at the end of 2008. Karen Kooi, acting CEO of M1, said: ‘We expect operating conditions for the year to remain challenging in view of the continuing economic downturn and the resultant job losses and decline in economic activities. Notwithstanding that, we will continue to invest for future growth and build expertise, not only in our core mobile business but in fixed services as well.’

Singapore, M1