M1 insists its fibre business is still profitable

Despite a low margin, they said.

According to Nomura, M1’s 1Q13 profit of SGD41mn is slightly higher than their estimate while SGD79mn EBITDA was in line. EBITDA margin of 39.5% was down 200bps on service revenue of SGD200mn, which grew 3-4% q-q and y-y.

"Management stated that its fibre business remains profitable, although still a low margin. We estimate fibre revenues are around SGD8mn, while the wholesale cost of fixed is around SGD7mn for the quarter (excluding any advertising and other costs)," Nomura said in a report.

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