StarHub Q3 net profit falls 32% to S$27.4 million despite stronger revenue

MAINBOARD-LISTED telco StarHub reported on Wednesday (Nov 9) a 32 per cent year-on-year decline in net profit for the third quarter, even as total revenue rose 14.2 per cent.

Net profit for the three months ending Sep 30, 2022 fell to S$27.4 million from S$40.2 million in the year-ago period. The net profit for the third quarter was also 12.3 per cent lower than the net profit of S$31.2 million it reported for Q2 FY 2022.

The weaker profits came despite stronger topline figures, with total revenue for Q3 FY 2022 rising 14.2 per cent on year to S$590.8 million. StarHub noted in its business update that service revenue had grown 15.5 per cent on year to S$482.9 million for Q3 FY 2022, which came from higher contributions across all segments.