M1's Q2 profit up 12.1%

M1 has posted a 12.1 per cent increase in net profit to S$43.9 million for the second quarter ended June 30, on lower cost of sales.

While operating revenue slipped 2 per cent to S$239.7 million, service revenue - which excludes handset sales - inched up 0.8 per cent to S$209 million for the quarter.

Cost of sales, the largest component of operating expenses, fell 13.3 per cent to S$86.2 million, as handset costs and traffic expenses fell.