M1 says 1H10 revenues up 25% boosted by higher handset sales

Singapore cellular operator MobileOne Asia (M1) has reported a 25.3% year-on-year increase in revenues for the six months ended 30 June 2010 to SGD472.1 million (USD343.5 million), driven by higher service revenue and handset sales. Half-year earnings before interest, taxes, depreciation, and amortisation (EBITDA) was SGD156.7 million, up 1% year-on-year, while net income for the six months under review came in at SGD80.1 million – up by 1.5%. M1 added that in the fiscal second quarter to 30 June 2010, net profit topped SGD40.8 million, 10% higher year-on-year. The cellco said that non-voice services contributed 30.8% of service revenues in the six-month period, up from 25.1% a year ago, driven by growth in its mobile broadband internet services and a rise in smartphone users. In terms of customers, M1 recorded 53,000 net new additions in the second quarter of this year (32,000 pre-paid and 21,000 post-paid) for a total 1.849 million mobile users by 30 June.