M1's Q1 earnings fall 6.9% to S$42.5m as revenue slips

Singapore

TELCO operator M1's net profit declined 6.9 per cent year-on-year to S$42.5 million, from S$45.7 million, for the three months ended March 31, 2016. This is due to higher upfront customer acquisition cost. Revenue fell 12.6 per cent to S$257.6 million from S$294.8 million.

The company noted that the new Samsung S7 was launched in the first quarter this year instead of the second quarter as was the case with last year's Samsung S6. Therefore, the impact was accounted for in this quarter instead of the second quarter.