StarHub H2 net profit falls 98% on higher operating expenses, one-off impairment losses

STARHUB posted a 98.4 per cent fall in net profit to S$1.3 million for the second half of the year ended Dec 31, 2022, from S$81.4 million a year earlier.

This was despite a rise in revenue of 18.7 per cent to S$1.3 billion, from S$1.1 billion the year before.

At its earnings briefing on Tuesday (Feb 7), the telco said this came on the back of lower profit from operations, including provisions for the company’s Dare+ transformation initiatives. Dare+ is a five-year transformation plan that includes the establishment of StarHub’s 5G network and other IT expenditures.