StarHub Shares Rise in Wake of Doubled Profit, Higher Payout Plan [MarketWatch]
STARHUB LTD UNSP/ADR (SRHBY)
NASDAQ:AMEX Investor Relations:
ir.starhub.com
Company Research
Source: MarketWatch
Shares ended Friday's session 8.4% higher at 1.16 Singapore dollars, notching their largest one-day percentage gain since March 2020. Advertisement The Singapore-based telecommunications company said late Thursday that its 2023 net profit more than doubled to S$149.6 million (US$111 million), from S$62.2 million a year ago. The bottom line was helped by a drop in expenses and spending on the company's multiyear transformation plan that includes establishing a 5G network and other information technology initiatives. The company's net profit slightly beat consensus expectations in a FactSet poll. Advertisement StarHub also said it would boost full-year dividends. Citi analyst Arthur Pineda said in a note that the results were a "significant improvement," even though the bottom line was helped by tempered investment spending that will be rolled forward into the new year, and with results raising some questions about demand. "We do see hairline cracks in the business-as-u
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