M1 earnings up for Q1 despite lower turnover on fewer handset sales
Published on Apr 14, 2014 7:50 PM
Earnings for Singapore's smallest telco M1 grew in the first quarter of the year, despite a dip in its turnover.
M1 said on Monday that its net profit rose 4.4 per cent in the three months to March 31 from a year ago to hit $42.8 million.
However, its operating revenue fell 1.2 per cent in the period to $240.2 million. The telco said lower handset sales were the main reason for this.
That was partly offset by an increase in M1's service revenue, which excludes handset sales but includes sales from mobile telecommunications, international call and fixed line services. Service revenue was $203.9 million in the first quarter, up 2.1 per cent from a year ago.
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