Singapore Network Reports Profits Rise

Singapore's MobileOne has reported a profit after tax of S$68.8 million for the first half of 2003, representing an increase of 20% year on year. Profit after tax for first half of 2002 was S$57.1 million. EBITDA for first half 2003 was S$140.1 million, up from S$127 million for the same period last year. EBITDA margin on service revenue increased from 40% to 44% over the corresponding period. Operating revenue for the group increased by 6% to S$361 million for first half 2003. Free cash flow remained strong at S$104 million.

M1 had a total mobile customer base of about 1.059 million as at 30 June 2003. Based on latest available statistics as at 31 May 2003, market share was 31.7%.

Commenting on the results, Neil Montefiore, Chief Executive Officer of M1, said : "Weak economic conditions in general and SARS (Severe Acute Respiratory Syndrome) in particular had unprecedented adverse impact on the consumer sector in the second quarter of 2003. Like many other industries, we did not escape unscathed. However, overall results for the first half showed that we performed moderately well, thanks to a relatively strong first quarter. Looking ahead, we expect performance to improve in the second half of the year, barring any material adverse change in economic conditions."

Posted to the site on 21st July 2003