MobileOne Profit Grows

MobileOne reports Q1 profit increased 25.7% year on year from S$37.4M to S$47M; service revenue increased 4.1% to S$167.8M

April 14, 2004

1 Min Read

SINGAPORE -- MobileOne Ltd (M1) today announced that its profit after tax for the three months ended 31 March 2004 grew by 25.7% year on year, from S$37.4 million to S$47.0 million. Service revenue rose by 4.1% to S$167.8 million. Lower selling prices associated with handset promotions during the quarter affected equipment sales revenue resulting in a marginal fall of 0.5% in total operating revenue, to S$182.2 million.

EBITDA for the quarter remained flat at S$73.8 million but free cash flow increased by 40.1% to S$74.4 million.

M1 had a total of 1.106 million customers as at 31 March 2004, an increase of 38,000 compared to end 2003.

Explaining the higher than forecast profit growth, M1's Chief Executive Officer, Neil Montefiore, said : "This is due to the adjustment in deferred tax charge arising from the reduction in the corporate tax rate from 22% to 20%. Our guidance for profit growth after tax for this year remains as single digit."

MobileOne (Asia) Pte Ltd. (M1)

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