Yahoo Finance StarHub records 36.5% higher earnings for 3QFY2023
StarHub's earnings were lifted mainly by higher profit from operations and lower net finance costs.
StarHub CC3 has reported earnings of $37.3 million for 3QFY2023 ended September, up 36.5% y-o-y, lifted mainly by higher profit from operations and lower net finance costs.
While this was offset by higher taxation, increased contributions across most business segments lifted profit from operations during the quarter.
Service revenue increased by 8.9% y-o-y to $526.0 million during the three-month period, says StarHub on Nov 8, while total revenue grew 5.3% to $622.1 million for 3QFY2023 compared to 3QFY2022.
The telco’s mobile segment posted y-o-y revenue growth of 7.2% to $153.3 million in 3QFY2023, lifted primarily by higher postpaid revenue with an improved postpaid average revenue generated per user (ARPU) of $32.
Revenue for its entertainment segment also inched up by 2.4% y-o-y to $56.7 million, while “intensifying market competition” lowered revenue from StarHub’s broadband segment by 1.9% y-o-y to $62.4 million.
As at Sept 30, StarHub’s free cash flow stood at $131.4 million.
On Nov 7, the telco also announced that it will retain its Ensign Assigned Rights for two additional years until Oct 4, 2025, maintaining the group’s effective interest at 55.73%.
A mechanism has also been put in place for StarHub to potentially retain the Assigned Rights beyond the 2025 deadline through a further extension to be negotiated with Temasek, or a transfer of the Assigned Rights Shares to StarHub for a consideration to be determined.
Chief executive Nikhil Eapen says: “Cybersecurity remains core to StarHub and our DARE+ evolution to converge cloud, cybersecurity and connectivity; to drive secure multi-cloud solutions and enable Smart City use cases for our Enterprise customers.”
“We will continue to work closely with our partners and Temasek to accelerate growth with Ensign, and to create value for all stakeholders,” he adds.
Shares in StarHub closed 1 cent or 0.95% up at $1.06 on Nov 8.
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