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M1 profits increased by 1.8% in Q1

Nurdianah Md Nur | April 17, 2013
The Singapore telco reported a net profit after tax of S$41m for the first quarter

M1 Limited yesterday released its unaudited group financial results for the first quarter, which ended on 31 March 2013.

Its net profit after tax for the first quarter saw an increase of 1.8 percent from last year to S$41 million (US$33.3 million), according to the Singapore telco in a statement.

Service revenue grew 4.2 percent from last year to S$200 million (US$162.2 million), driven by growth in postpaid mobile and fixed customers.

Revenue from non-voice services rose 2.6 percentage points year-on-year to 39.5 percent of service revenue. This is driven by the growth of data usage by smartphone users who made up 77 percent of M1's postpaid customer base.

M1 reported that 223,000 of its 2.045 million mobile customers were 4G customers. Monthly postpaid churn improved to 1.1 percent, compared to 1.3 percent in the preceding quarter.

During the quarter, M1 has also added 8,000 fibre customers, bringing its customer base to 60,000.

Taking into consideration the current economic outlook and unforeseen circumstances, M1 estimates moderate growth in net profit after tax for the year 2013.


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