Singapore's StarHub Reports Fall in 4th-Quarter Profits - CEO to Retire
Published on: 9th Feb 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Singapore's StarHub has reported that its fourth quarter revenues rose by 7 percent to S$654.1 million while net profit decreased by 5 percent to S$87.9 million.
At the same time, the company's CEO, Neil Montefiore announced hat he will retire at the end of this month. Succeeding him as CEO is StarHub's COO, Tan Tong Hai.
On a full year basis, the company reported that its net profit increased 14% to S$359.3 million, while revenue increased 5% to S$2.4 billion.
Year on year, mobile revenue decreased 1% for the quarter but increased 1% on a full year basis. Post-paid mobile services revenue was 2% lower YoY at S$246.1 million for the quarter but 1% higher at S$980.9 million for the full year. Pre-paid mobile services revenue improved 3% YoY to S$62.0 million for the quarter. It was 2% lower for the full year.
Comparing to a year ago, post-paid ARPU decreased S$2 to S$74 for the quarter and was at S$74 for the full year. Looking at pre-paid ARPU, it inched S$1 YoY for the quarter and stayed at S$19 for the full year.
"StarHub has shown immense resilience in 2012 despite the overall slow growth of the local and global economies. We are pleased to have registered our eighth straight year of growth," said the outgoing CEO, Neil Montefiore.
Tan Tong Hai will become the CEO and Executive Director of StarHub in March 2013, subject to regulatory approval. He brings with him over 20 years of experience in the regional ICT market.