SINGAPORE (Oct 24): M1 reported 3Q18 earnings fell by 5.3% to $34.4 million from $36.3 million in 3Q17.

This brings 9M18 earnings to $105.7 million, 0.8% lower than $106.6 million in 9M17.

Operating revenue for the quarter was 10.1% higher at $274.6 million from $249.5 million in the previous year.

The increase in revenue was mainly due to a 25.9% y-o-y increase in fixed services and a 34.1% increase in handset sales. But this was partially offset by a 0.1% drop in mobile telecommunications services and a 29.4% decrease in international call services.

Other revenue more than tripled to $1.4 million from $0.4 million last year.

As at Sept 30, the group’s customer base stood at 2.15 million, 1.8% lower than last year. Market share was 23.5% at end July.

Meanwhile, operating expenses saw a 13.8% y-o-y increase to $230.6 million.

As at Sept 30, the group’s cash and cash equivalents stood at $86.5 million.

In an SGX filing on Wednesday, M1 says that it will continue its transformation to a Smart Communications Provider to compete in the converged digital economy.

To recap, Keppel Corporation and Singapore Press Holdings (SPH) is planning to privatise M1 witg a $2.06 per share offer.

Malaysian-based Axiata Group, the biggest shareholder of M1 holding a 28.7% stake, has yet to accept the offer.

Shares in M1 closed at $2.10 on Wednesday.

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