Yahoo Finance StarHub's 1QFY2024 earnings up 8.1% y-o-y
StarHub's enterprise segment recorded a 10.4% jump in revenue
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.
StarHub shares closed at $1.26, up 3.28% for the day and up 13.51% year to date.
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