The pressure on Singapore telcos is not letting up.
In 2020, Australian telecommunications company TPG Telecom Ltd (ASX: TPG) expanded to Singapore, after clinching the license to become Singapore’s fourth telco.
As a result, existing telcos Singtel (SGX: Z74), StarHub Ltd (SGX: CC3) and M1 had to contend with an additional challenger in an already saturated market.
What ensued was an intensifying price war as the telcos jostled for market share.
Amid the increased competition, Starhub reported a 13% year on year fall in revenue for the full fiscal year 2020 while net profit declined by 15.2% year on year.
With the recent release of its fiscal 2021 first quarter business update, it seems the situation has not improved.
Here are some key updates from StarHub’s first quarter results for the fiscal year 2021 (FY21).
