StarHub CEO Neil Montefiore
Singapore's second biggest mobile telephone operator StarHub has enjoyed profit growth of 62 per cent for the first quarter of 2011, compared to the same quarter a year ago.
In its latest financial results announcement, StarHub said its profit before taxation was at S$86 million (US$70 million) year-on-year (YoY) and net profit after tax grew 62 per cent to S$69 million (US$56 million).
StarHub's Total operating revenue improved to S$558 million (US$454 million) while service revenue was higher at S$531 million (US$432 million).
In the statement, StarHub said fixed network services revenue registered the highest growth for the quarter at five per cent year-on-year. This was followed by mobile revenue which increased by three per cent.
In terms of total revenue mix, mobile continued to be the major contributor at 53 per cent. Pay TV contributed 16 per cent, broadband (11 per cent), fixed network services (15 per cent) and sales of equipment contributed (five per cent).
"The quarter's marketing initiatives continued to encourage customers to take up multi-services," said the statement. "As a result, the percentage of total Hubbing households that subscribed to any two or more StarHub services went up to 56 per cent year-on-year. Tripleservice households grew to 203,000 from a year ago."
However, StarHub said Pay TV revenue decreased 10 per cent to S$92 million, (US$75 million) mainly due to the reduction in the Sports group's monthly subscription price from S$25 (US$20) to S$12 (US$10) in June 2010, and a lower sports subscriber base post BPL.
StarHub CEO Neil Montefiore said: "We have delivered a good set of results in the first quarter of 2011 against the same quarter in 2010.
"The smartphone revolution continues with over 70 per cent of our post-paid customers using them. Despite intense competition, we are very pleased with the growth in our pay TV base.
"Our fixed network business has also put up a strong performance with the higher take-up of data and Internet services. As the Next Gen NBN continues to roll out, we see opportunities for growth, particularly in the corporate sector," Montefiore said.
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