SINGAPORE: MobileOne, Singapore's third largest mobile operator, has reported a 10 per cent jump in first quarter earnings.
Net profit for the three months ended March came in at S$49.7 million - boosted by a tax adjustment.
The telco added 41,000 new customers in the period - taking its total customer base to 1.378 million.
But its market share fell to 28.9 per cent.
Going forward, M1 expects its operations to remain stable for the rest of the year.
Separately, M1 announced that it had received approval from the High Court to proceed with its capital reduction plans.
The plans were first announced in January.
Under the proposal, M1 will return more than S$221 million to shareholders.
It will cancel one share for every 10 shares and pay shareholders S$2.22 in cash for each cancelled share.
To facilitate trading, the SGX has given M1 in-principle approval to trade its shares in board lots of 10 shares for a period of one month, starting from 10 May 10 to 11 June.
Net profit for the three months ended March came in at S$49.7 million - boosted by a tax adjustment.
The telco added 41,000 new customers in the period - taking its total customer base to 1.378 million.
But its market share fell to 28.9 per cent.
Going forward, M1 expects its operations to remain stable for the rest of the year.
Separately, M1 announced that it had received approval from the High Court to proceed with its capital reduction plans.
The plans were first announced in January.
Under the proposal, M1 will return more than S$221 million to shareholders.
It will cancel one share for every 10 shares and pay shareholders S$2.22 in cash for each cancelled share.
To facilitate trading, the SGX has given M1 in-principle approval to trade its shares in board lots of 10 shares for a period of one month, starting from 10 May 10 to 11 June.
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