Total revenue also grew by 8.7% y-o-y to $557.4 million. This was attributable to the 11.0% y-o-y growth in service revenue of $461.6 million and offset by lower sales of equipment. The higher service revenue was lifted by growths across StarHub’s mobile, broadband, entertainment and enterprise segments.
Segmentally, mobile revenue grew by 13.5% y-o-y to $152.1 million, while broadband grew by 20.4% y-o-y to $62.0 million. Entertainment increased by 21.0% y-o-y to $57.1 million while enterprise was up by 3.9% y-o-y to $190.4 million.
Excluding contributions from MyRepublic Broadband, StarHub’s total revenue and service revenue grew by 5.2% and 6.8% y-o-y respectively.
During the period, service ebitda rose by 2.7% y-o-y to $103.4 million in tandem with the higher revenue and service margin while service ebitda margin fell by 1.8 percentage points y-o-y to 22.4% on the back of higher operating expenses (opex) and lower other income.
See also: Creative guides for ‘similar level of operating loss’ for 2HFY2025
“Our 1QFY2023 performance marks a strong start to the year, running ahead of our FY2023 guidance," says Nikhil Eapen, StarHub’s CEO.
"We continue to deliver new digital and cloud-enabled products and platforms, strengthening our Infinity Play and All-in-One App proposition for consumers; as well as new enterprise solutions converging the 3C’s to deliver smart, safe and sustainable solutions for Singapore and beyond,” he says.
“We are on track with our DARE+ transformation, reiterating our operational and financial goals and intend to accelerate into FY2023 to harvest DARE+ benefits from FY2024 and onward,” adds Eapen.
Shares in StarHub closed flat at $1.01 on May 11.
