StarHub books 14% rise in profit in FY12; CEO to step down

8 Feb 2013

Singapore’s StarHub reported net profit of SGD87.9 million (USD70.9 million) for the three months ended 31 December 2012, down 5% year-on-year, on revenue that climbed to SGD654.1 million from SGD612.6 million. However, full-year net profit surged 14% y-o-y to SGD359.3 million, it said. The group also confirmed that its long-serving CEO Neil Montefiore is retiring later this year to be replaced by StarHub’s current chief operating officer Tan Tong Hai.

The carrier said that earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q4 2012 declined by 5% on an annualised basis to SGD175.9 million, while full-year EBITDA reached SGD719.8 million (+7%) on revenue of SGD2.4 billion. In fiscal 2013, StarHub expects to grow its operating revenue in the single-digit range.

In the mobile segment, StarHub reported a 1% fall in sales in 4Q12, but said turnover climbed by a similar amount in the full year, as the carrier closed out the year with 2.20 million subscribers (50% pre-paid), up from 2.19 million a year before. Meanwhile, broadband revenue rose 4% in 4Q12 to SGD62.9 million and for FY12 was SGD7.7 million higher. StarHub closed out 2012 with a total of 444,000 residential broadband customers. Further, the group’s fixed network division reported the biggest revenue growth. Sales for the unit climbed 8% for the fourth quarter and 6% for the full year, fuelled by strong demand for data and internet services (up 5% for both 4Q12 and FY12, compared to the corresponding year-earlier periods). In addition, voice services revenue rose 19% for the quarter, and 13% for the full year.

Singapore, StarHub