Still, it stressed that it “remains fully committed to and has the resources to continue with its strategic initiatives”, such as its winning 5G joint bid in Singapore, the S$82 million purchase of a stake in Malaysian business solutions firm Strateq, and its build-up of the enterprise business.
The quarter’s results “reflect the impact of Covid-19 and the early softening of the economic environment”, chief executive Peter Kaliaropoulos said in a statement. “Our enterprise business has also experienced some project and tender delays, coupled with longer sales cycles.” Shorn of equipment sales, service revenue came in at S$404.9 million, down by 8.9 per cent on the year prior. The enterprise segment, buoyed by cyber security services, was the only division to post turnover gains. Mobile, pay-television and broadband all reported declines.
The average revenue per user on post-paid mobile fell to S$34 a month from S$39 in the year before, although the number of subscribers grew by 15,000 to nearly 1.47 million.
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