StarHub posted a net profit of $72.9 million for the second half of its financial year ended Dec 31, 2023, from $1.3 million over the same period a year earlier.
In 2022, the company recorded higher non-operating expenses from impairment losses of certain legacy network assets coupled with goodwill and intangible assets from Strateq, the company’s information and communications technology arm.
This comes as the company’s revenue over the same period fell 0.1 per cent to $1.3 billion.
Meanwhile, its service revenue grew 3 per cent to $1.1 billion, while service earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 33 per cent to $219 million.
StarHub chief executive Nikhil Eapen said that the increase in service Ebitda margin came on the back of growth in high-margin segments, such as in mobile services.
He pointed out that it was also achieved despite “significant” spending on the company’s Dare+ transformation plan.
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