M1 released its Q2 result after trading hours today.
Q2 Y-O-Y
Net Profit up 1.0%
Diluted EPS up 0.5%
Q1 Y-O-Y
Net Profit up 6.6%
Diluted EPS up 5.0%
1H Y-O-Y
Net Profit up 3.8%
Diluted EPS up 3.0%
Notice that Q2's result was a drag. It dragged the overall 1H 2015 profits to 3.8%. Contrast this with Q1's profit of 6.6% increment.
I looked at its detailed financial statement and realised that QoQ revenue was stable ($294M vs $278M - drop largely due to lower handset sale, maybe iPhone & Samsung lull period). Margins however were compressed in Q2 due to higher cost of sales (likely to be handset sale).
The saving grace, however, is that Management guidance for FY2015's results is still "Moderate Growth" (mid to higher single digit). However, that's not to say that they can't miss that guidance. ......
