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M1 reports S$160.2 million net profit after tax for 2013

Nurdianah Md Nur | Jan. 21, 2014
Growth in service revenue was due to increased customer base and higher revenue from mobile data.

Singapore telco M1 Limited (M1) recently released the unaudited group financial results for the year ended 31 December 2013.

Its service revenue for FY2013 was reported to be S$819.8 million (US$642.3 million), an increase of 6.3 percent year-on-year. Its net profit after tax grew 9.4 percent year-on-year to S$160.2 million (US$125.5 million).

According to M1, service revenue in FY2013 was driven by the growth in postpaid and fixed customer base, as well as higher revenue from mobile data.

Based on current economic outlook and barring unforeseen circumstances, M1 estimates moderate growth in net profit after tax for the year 2014. The growth is expected to continue to be driven by mobile data and fixed services. Karen Kooi, CEO of M1, said: "Mobile data will be driven by customers upgrading their smartphone plans and increasing adoption of smartphones by prepaid customers. Fixed services, on the other hand, will benefit from the increasing fibre adoption in both the consumer and enterprise segments."

To further improve customer experience, M1 plans to roll out the 3G radio network on the 900MHz spectrum by the first quarter of this year. The telco will also be upgrading its 4G network to LTE-Advanced, which will offer higher throughput speeds of up to 300Mbps, by the end of the year.

 

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