StarHub Q3 net profit down 23.3% to S$44.5 million

Annabeth Leow

Published Fri, Nov 6, 2020 · 09:58 AM

MAINBOARD-LISTED telco StarHub is still reeling from the impact of the Covid-19 pandemic on consumer demand, which has pushed down third-quarter earnings.

Net profit came in lower by 23.3 per cent year on year to S$44.5 million for the three months to Sept 30, according to financial results released on Friday evening.

Overall revenue fell by 14.5 per cent to S$489.7 million, while service revenue - which excludes equipment sales - dropped by 10.6 per cent to S$388.7 million.

Chief corporate officer Veronica Lai said in a statement that business had "a modest pick-up" in the second phase of Singapore's three-stage economic reopening, after a quasi-lockdown in the second quarter of the year.

"However, our Q3 2020 performance continued to see impact from the ongoing global restrictions on travel, particularly for our mobile business," she a…