M1's Q2 earnings fall 20.8% despite revenue rise

Singapore

THE transition to a digital economy will open up new opportunities, M1 said on Tuesday as it announced a 20.8 per cent drop in second-quarter net profit to S$32.5 million despite a 4.7 per cent rise in revenue to S$251.6 million for the three months ended June 30, 2017.

The telco cited higher depreciation and interest expense, among other factors, for the earnings slump.

"We are investing in start-ups and digital solution providers with new technologies to generate new revenue streams," M1 said. "The nationwide Narrowband IoT network, to be launched in 3Q2017, will drive new an…