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StarHub's 1QFY2024 earnings up 8.1% y-o-y

The Edge Singapore
The Edge Singapore  • 1 min read
StarHub's 1QFY2024 earnings up 8.1% y-o-y
StarHub expects to finish its infrastructure and IT systems transformation plan by end of this year / Photo: StarHub
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StarHub has reported earnings of $40.1 million for its 1QFY2024, up 8.1% over the year-earlier period, 

"We continue to generate profitability growth in the face of challenging market conditions for connectivity products," says CEO Nikhil Eapen.

The telco remains focused on wrapping up the infrastructure and IT systems transformation programme by end of this year, whic will help it enjoy better margins from FY2025 onwards.

Total revenue, in the same period held steady at $545.4 million, down 0.1% y-o-y. Service revenue, which excludes items such as the sale of equipment, increased by 1.9% y-o-y to $458.9 million, which is in line with its FY2024 guidance of growing between 1 and 3%.

In 1QFY2024, mobile revenue, its single largest business segment, saw a 4.6% y-o-y drop in revenue to $145.2 million, no thanks to lower average revenue per user.

On the other hand, its enterprise segment recorded a 10.4% jump in revenue to $197.7 million, thanks partly to higher revenue from cybersecurity services and network revenue.

See also: OUE expected to record a loss for 1HFY2024 mainly due to estimated losses from 25.2%-owned investee company

StarHub shares closed at $1.26, up 3.28% for the day and up 13.51% year to date.

 

 

See also: Qian Hu records a net profit of $251,000 for 1HFY2024 ended June, up 742.2% y-o-y

 

 

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