StarHub net profit down 21% to $85.7m in Q2

Blame its mobile, broadband, and PayTV segments.

The second quarter of the year was particularly dismal for telco giant StarHub after it reported a 21% decline in profits to $85.7m.

According to the group, its service revenue decreased by 2% in the quarter to $1.8b, due to the decline in the turnouts of its mobile, broadband, and PayTV segments.

For the half-year period, StarHub recorded a net profit of $158.8, down 21.2% from last year. During the said period, its mobile revenue was down by 1% to $599m despite the growth in the number of pre-paid and post-paid customers.

Meanwhile, its pay TV revenue also decreased 7% to $176m. The group's broadband revenue was also lower, dipping 1% to $107m. On the other hand, its enterprise fixed services revenue grew 2% to $198m.

Looking ahead, StarHub CEO Tan Tong Hai is optimistic with their acquisition of Accel.

“In the quarter, we announced our acquisition of Accel to enhance our enterprise-grade cyber security offerings. This acquisition dovetails perfectly with our strategy to grow our enterprise business and demonstrates our push for inorganic growth,” he said.

He added, "In the consumer space, we are happy to see continual improvements in customer satisfaction levels. We remain focused on addressing our customers’ digital lifestyle needs by offering them relevant products and services to enjoy a better StarHub experience,”

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