StarHub Ends First Year of Operations with Impressive Results - First Year Financial Revenue Exceeds Original Target at S$308 million
Singapore, 27 June 2001 -- StarHub today reported its operating and financial results for its first financial year ending 31 March 2001. As projected in the third quarter, its first year revenue has exceeded the original target of S$250 million, topping at an impressive S$308 million for the year.
First Financial Year Highlights
StarHub Mobile’s total pre- and post-paid customer base for the first year was 329,000 customers, representing 12% share of the total mobile market. This figure exceeds StarHub’s original annual target of 200,000 customers, which was achieved just after seven months of operation.
StarHub’s International and Wholesale business unit grew to 30 wholesale customers, with revenue constituting 16% of StarHub’s total revenue.
StarHub’s Voice Services had 700,000 registered lines for its IDD services and 1,400 payphones islandwide.
StarHub’s Business Market segment acquired more than 300 customers with a significant foothold into large MNCs. More than 500 commercial buildings have been directly connected to its broadband fixed network.
StarHub Internet achieved 17% market share as of March 2001 with 280,000 dial-up customers and 770 corporate customers.
Key initiatives for StarHub’s fourth quarter of operations were focussed on consumer, business and wholesale market segments:
Achieved mobile network coverage of 99.99% by 4th quarter
Increase in the number of roaming destinations for mobile customers to 85
Enhancement of StarHub Payphone Interactive Services to include lifestyle services
Launch of new pricing structure for IDD 008 calls to Malaysia with savings up to 70%
Launch of CliQTrack, an innovative service that enables users to monitor any website 24 hours a day.
"StarHub's first full year operating results clearly show us to be a serious player in this market. The entire StarHub team is proud to have done well for our first year. But I especially appreciate the support we have received from our loyal customers. And, most customers stuck with us throughout the temporary first year teething problems. The "Best Asian Competitive Carrier / New Entrant" award that we won from Telecom Asia is a strong endorsement by our peers in the industry and is icing on the cake for our first year," said Mr Terry Clontz, President and CEO of StarHub.
"Now, as we enter our second year, with network and billing problems behind us, and the merger with SCV in front of us, we are challenging ourselves to become an even more significant force in shaping the world class info-communications market in Singapore, and within the Region. This is really good news for consumers and for Singapore," added Mr Clontz.
Looking ahead, the next fiscal period, which will end in December 2001 (to be in line with our shareholders’ financial year-end) promises much excitement for StarHub:
- Conclusion of the merger between StarHub and SCV, with the aim to create a regional info-communications powerhouse which will offer a wide range of services ranging from fixed-line, wireless, long-distance and Internet services, to cable TV and broadband Internet access, to all residential customers. StarHub and SCV together will be an even more formidable competitor to the Incumbent
- Launch of GPRS before the end of the year, with focus on value-add applications and contents
- End -