M1 posts $44.3 million earnings for second quarter, handset sales up

Telco M1 announced a net profit of S$44.3 million for the second quarter ended June, on Monday, July 20, 2015.
Telco M1 announced a net profit of S$44.3 million for the second quarter ended June, on Monday, July 20, 2015. PHOTO: M1 LIMITED

SINGAPORE - Telecom company M1 Limited announced a net profit of S$44.3 million for the second quarter ended June, a 1 per cent rise compared to S$43.9 million a year ago.

Singapore's smallest telco operator has declared an interim dividend of seven Singapore cents per share, the company said in a release on Monday.

The profits came on the back of a revenue growth of 15.5 per cent to S$276.8 million, up from S$239.7 million due to higher handset sales. During the quarter, earnings per share remained at 4.7 Singapore cents, unchanged from the second quarter in 2014.

For half year ended June 30, M1's net profit was up 3.8 per cent to S$90 million, on the back of service revenue of S$408.6 million. Its customer base stood at 1,997,000, 4.8 per cent lower than last year's.

Based on current economic outlook, the company estimates moderate growth in net profit after tax for the year.

M1 closed 3 cents lower at $3.23 today. Year to date, the stock has fallen 10.53%.