Singapore fixed and mobile operator StarHub has reported net profit of SGD91 million (USD73.9 million) for the three months ended 31 March 2013, up 3% year-on-year, despite a 2% fall in total operating revenue to SGD580 million; service revenue flat-lined at SGD547 million, it said. Consolidated EBITDA climbed 3% y-o-y to SGD182 million in January-March 2013, compared to SGD177 million in the year-ago period, yielding pre-tax profits of SGD110 million (+3%). Free cash flow of SGD92 million was 11% lower compared to SGD104 million at end-March 2012, while first-quarter (cash) CAPEX was 15% higher at SGD47 million.
StarHub’s Fixed Network Services division boasted the highest growth of all its businesses in terms of revenue, rising by 4% y-o-y (including an 11% increase in turnover derived from voice services and a 2% rise in Data & Internet revenue), while Broadband revenue increased by 2% to SGD62.4 million from SGD61.4 million and now contributes 11% of the group’s total sales. By 31 March StarHub counted a total of 444,000 residential high speed internet connections, unchanged quarter-on-quarter, but 4,000 more than in Q1 2012. However, Mobile revenue decreased 2% on an annualised basis to SGD302 million, largely the result of lower post-paid revenue from interconnection and roaming services, and despite a rise in the overall subscriber base which helped boost overall subscription revenue. Nonetheless, Mobile still constitutes the single biggest contributor, generating 52% of StarHub’s revenue in the period under review. The company reported a total of 2.217 million mobile users at end-March thanks to Q1 net gains of 17,000.