M1 – BT

M1's Q2 net profit up 10%, sees better FY2010

M1 Limited announced on Thursday that its net profit for the second quarter ended June 30, 2010 was up 10 per cent from a year ago, at S$40.8 million, fuelling the telco's optimism that FY2010 net profit will be better than FY2009.

'Based on the current outlook, net profit after tax for the year 2010 is likely toimprove, compared to 2009,' said Karen Kooi, M1's chief executive officer,

The improved bottomline was due to higher service revenue.

Operating revenue for the second quarter was up 17 per cent year-on-year atS$223.1 million.

M1's total customer base was 1.849 million as at 30 June 2010. For 2Q10, M1 added 53,000 customers, of which 21,000 were postpaid customers and 32,000 were prepaid customers.

Non-voice services contributed 30.8% of service revenue, up from 25.1% a year ago, driven by growth in the mobile broadband and smartphone customer base.

M1's board has declared an interim dividend of 6.3 cents per share, up from 6.2 cents a share a year ago.

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