StarHub 4Q net profit down 11 per cent, full-year down 6 per cent

The telco’s fall in profits was attributed to higher tax charges as net profit in the fourth quarter dropped from S$98 million to $87 million. Full year net profit also declined 6 per cent, from $330 million to $311 million, but operating revenue grew 6 per cent to $2.1 billion.

"In the fourth quarter, we managed through an increasingly volatile business environment, as the Singapore economy continued to contract. Yet, we ended the full year with a larger customer base and a relatively strong fourth quarter," said Terry Clontz, CEO of StarHub.

"In these uncertain times, our priorities in 2009 will continue to be on serving customers well and creating value for our shareholders. To this end, we will continue to invest in new initiatives that will enhance customer experiences with StarHub."
The mobile, cable and broadband operator is also expecting “low single digit growth” this year.

StarHub had shifted its estimated $34 million (US$22 million) media planning and buying business from Zenith to Mindshare in mid-January.