MobileOne Sales Up - But Profits Dip Slightly

Singapore based mobile operator, MobileOne (M1) has reported that service revenue grew by 1.6% year on year to S$738.5 million (US$494 million). EBITDA margin for the fourth quarter increased 2.4 percentage points quarter-on-quarter to 44%, bringing the full year's margin to 42.9%. Normalised net profit for the year (excluding prior year's tax adjustments) declined 4.5% to S$150.1 million (US$100 million).

Mobile revenue for the year remained stable at S$601.4 million (US$402 million), while international call revenue increased 7.9% to S$137.1 million (US$91.6 million) year on year as international call minutes rose 69.6% to 526 million. Contributions from non-voice services as a percentage of service revenue increased from 21.5% to 23.4%.

The customer base grew by 10,000 during the quarter to 1.631 million customers as at 31 December 2008.

"Based on current outlook, M1 foresees operations to remain stable for the year 2009 and intends to maintain an annual cash dividend of 80% of net profit after tax," said Ms Karen Kooi, Chief Financial Officer of M1.

Neil Montefiore, the CEO of M1 recently announced that he will resign from the company effective at the end of this month. The company named Ms Karen Kooi Lee Wah as acting CEO until a permanent replacement can be found.

Mr Montefiore, 55, indicated that he wishes to pursue other personal interests as the reason for his sudden, and unexpected resignation.

Posted to the site on 16th January 2009