M1 posts 16.1% fall in FY16 net profit to $149.9 mil

SINGAPORE (Jan 24): M1 Limited posted a 16.1% fall in FY16 net profit after tax to $149.9 million mainly due to lower international call and roaming revenues, as well as increased depreciation and amortisation expenses from higher fixed asset base in respect of 4G network, additional spectrum acquired, and new services.

Operating revenue for FY16 ended Dec decreased 8.3% to $1.06 billion. Service revenue for FY16 decreased 2.0% to $805.5 million as traditional telecommunications services continued to be impacted by OTT (over-the-top) services. Fixed services continued to post strong growth with revenue increasing 21.4% to $104.2 million.

In the 4Q ended Dec, net profit after tax fell 27.1% to $31.8 million while revenue rose 1.9% to $313.9 million.

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