M1 Press Release
Results for half year ended 30 June 2011
Net profit up 6.6% to S$85.4 million
SINGAPORE, 14 July 2011 – M1 Limited (M1) today announced the unaudited group financial results for the six months ended 30 June 2011. Net profit after tax increased 6.6% to S$85.4 million.
Operating revenue at S$503 million increased 6.5% year-on-year due to higher service revenue and handset sales. Service revenue benefited from the growth in mobile customer base, as well as fixed services.
Non-voice services contributed to 35.2% of service revenue, up from 30.8% a year ago, driven by growth in the mobile broadband and smartphone customer base.
During the second quarter, M1 added 34,000 customers, bringing its total customer base to 1.968 million as at 30 June 2011. Monthly postpaid churn remained stable at 1.2% in the latest quarter.
Ms Karen Kooi, M1’s Chief Executive Officer said: “M1 achieved another major milestone with the launch of Southeast Asia’s first Long Term Evolution (LTE) dual band network in June 2011. With coverage scheduled to be nationwide in the first quarter of 2012, LTE will better support data growth. We will continue to invest in networks and innovate to deliver a superior mobile Internet experience for our customers.”
“Based on the current economic outlook and barring any unforeseen circumstances, net profit after tax for 2011 is likely to improve, compared to 2010,” added Ms Kooi.
M1’s Board of Directors has declared an interim dividend of 6.6 cents per share.