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StarHub's revenues stable' at US$1.51 billion in 2009

Veronica Silva-Cusi | Feb. 10, 2010
Group will ramp up broadband and fixed line services in 2010

MANILA, 9 FEBRUARY 2010 Keeping a steady pace in 2009, StarHub capped the year with S$2.15 billion (US$1.51 billion) in operating revenues.

Based on the company's financial statement, StarHub's operating revenues inched higher at one per cent than the S$2.13 billion (US$1.5 billion) posted in 2008. Most of the performance indicators were likewise at single digits.

Improvement in the fourth quarter managed to ensure higher figures for the whole year of 2009 as the company took in S$550 million (US$386.98 million), up from S$536.7 million (US$377.62 million) in the same period in 2008.

Considering the competitive landscape and slow economy, we have delivered a stable FY2009 result, with all our lines of business performing as expected, said StarHub CEO Neil Montefiore.

For our shareholders, we expect to maintain our minimum quarterly dividend of 5.0 cents per share for the whole year," Montefiore said.

Other figures

Despite earnings before interests, taxes, depreciation and appreciation (EBITDA) going down eight per cent in the quarter to S$152 million (US$106.95 million), the group's EBITDA was maintained slightly higher on a yearly basis with S$654 million (US$460.15 million).

As a percentage of the service revenue, EBITDA margin registered a 29.2 per cent increase in the quarter and 31.8 per cent increase in 2009.

Profit from operations stood 15 per cent lower year-on-year but remained stable at S$408 million (US$287.07 million) for the year.

While net profit after tax decreased 15 per cent for the quarter, the same increased three per cent for the full year with S$74 million (US$52.07 million) and S$320 million (US$225.15 million), respectively.

Free cash flow (FCF), which is the cash generated by the company after the release of funds needed to keep or expand its assets, registered at S$82 million (US$57.7 million) for the quarter. The figures did not change from those recorded in the fourth quarter of 2008.

On a yearly basis, FCF increased 22 per cent to S$461 million (US$324.36 million) from S$378 million (US$265.96 million). The FCF also extends to the company the opportunity to increase the shareholder value.

In terms of capital expenditure (capex), the company grew four per cent to S$57 million (US$40.11 million) in the fourth quarter of 2009 from S$55 million (US$38.7 million) in the same period a year ago. For the whole of 2009, capex posted S$231 million (US$162.53 million), which represented 11 per cent of the group's operating revenue.

No digression from hubbing

Yearly, while fixed networks revenue registered the highest growth at six per cent, mobile remained the largest revenue contributor at 51 per cent despite a one per cent growth in the fourth quarter.


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