M1 posts highest net profit to date for financial year 2014

SINGAPORE - Growth in postpaid and fixed customer base, along with higher mobile data usage, garnered mobile operator M1 its highest net profit to date for the financial year in 2014.

Earnings rose 9.9 per cent for the fourth quarter to $44.5 million from a year earlier, with operating revenue increasing 24.3 per cent to $346 million.

The net profit for the year ended Dec 31 was M1's highest to date at $176 million, which was an increase of 9.7 per cent over the previous year. Turnover also increased 6.8 per cent to $1.08 billion.

The growth in postpaid customer base led to an increase of 5.8 per cent in postpaid mobile revenue to $591 million over the previous year.

The telco added 19,000 postpaid customers to hit 1.15 million customers in total by the end of the financial year.

M1 has recommended a final dividend of 11.9 cents per share, which will take the full year payout to 18.9 cents.