Singapore’s smallest operator M1 has announced a 4.5% increase in profits for the year ending 31 December 2010. The firm’s net profit after tax stood at S$157.1 million ($122.2 million).
M1’s operating revenue went up 25.3% year-on-year due to higher service revenue and handset sales to stand at $979.2 million.
Service revenue rose 4.6% to S$732.9 million as a result of an increase in customer base and a higher contribution from fixed services. EBITDA was up 1.2% to S$313.3 million.
The firm’s postpaid customer base grew by 89,000 in 2010 compared to 30,000 the year before. The quarter saw an increase of 19,000 customers, bringing M1’s tally to 1.911 million customers. Churn from postpaid services improved to 1.4%, down from 1.6% the previous year.
CEO Karen Kooi said M1 would work on driving uptake of fiber services by enhancing its offerings for both residential and corporate segments. Kooi also spoke of a continued investment in networks to drive roll out of its upcoming LTE network.
“Based on the current outlook and barring any unforeseen circumstances, we are likely to see improved net profit after tax for the year 2011,” said Kooi.