StarHub CEO Neil Montefiore to retire, succeeded by COO, Tan Tong Hai

StarHub announced on Thursday that its chief executive Neil Montefiore will retire as by the end of February. Succeeding him is the telco company's current chief operating officer Tan Tong Hai.

The announcement came as the company reported fourth quarter profits falling 5 per cent to $87.9 million year-on-year. This was attributed to higher handset subsidies and cost of services.

This is also despite higher revenue for the three months which rose 7 per cent to $654.1 million as the telco sold more mobile handsets at higher prices.

Handset sales registered the most gains - of 70 per cent - to $90.8 million for the quarter.

Its fixed network and broadband businesses also grew at 7.6 per cent and 3.9 per cent, respectively. Fixed network sales hit $94.7 million, and broadband, $62.9 million, for the quarter.

However, its cash cow - mobile services - dipped 1.3 per cent in sales to $308.1 million. Pay TV revenue also declined in the quarter to $97.6 million.

The company intends to pay a quarterly dividend of five cents a share.