M1 net profit after tax up 3.8% to S$90mil in H1 2015

• Mobile data up 9.5 points YoY to make up 43.1% of service revenue
• In Q2, added 13,000 mobile customers and 6,000 fibre customers

M1 Ltd said its net profit after tax for the first half of 2015 increased 3.8% year-on-year to S$90 million (US$65.7 million), on the back of service revenue of S$408.6 million (US$298.3 million).
 
Mobile data rose 9.5 percentage points year-on-year to 43.1% of service revenue, the company said in a statement on the unaudited group financial results for the six months ended June 30, 2015.
 
In the second quarter, M1 added 13,000 customers, bringing the total mobile base to 1.88 million as at June 30. Monthly postpaid churn remained stable quarter-on-quarter at 1%.
 
M1 said it also added 6,000 fibre customers during the quarter to bring its base to 114,000.

Fixed services revenue grew by 18% to S$39.5 million for the first half of 2015 and now accounts for 9.7% of service revenue. The growth was driven by higher contribution from the corporate segment, the company said.
 
[S$1 = US$0.73]
 
“With our appointment as key sub-contractor for NetLink Trust and an expanded range of cloud-based solutions, we are better placed to service our corporate customers,” said chief executive officer Karen Kooi.
 
“We will continue to build on this momentum and grow our share in this segment,” she added.
 
Based on current economic outlook and barring unforeseen circumstances, M1 estimates moderate growth in net profit after tax for the year 2015.
 
Its board of directors has declared an interim dividend of 7.0 cents per share.
 
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