Malaysia-based Maxis credited a campaign to convert prepaid users to post-paid for boosting mobile service revenue in the opening quarter, with profit growing as costs fell.
In its earnings release, CEO Goh Seow Enh stated Maxis is pleased with its strong start to the year.
“As we strengthen our position as an integrated player, we will focus on sustainable and predictable growth.”
Net profit attributable to shareholders rose 7.4 per cent year-on-year to MYR320 million ($70.3 million) on cuts in network and spectrum costs, and lower taxes.
Revenue grew 5 per cent to MYR2.5 billion.
Post-paid subscriptions increased 6.5 per cent to 3.4 million, with revenue from the segment up 10.1 per cent to MYR864 million.
Prepaid revenue was flat at MYR661 million.
Total service revenue grew 4 per cent to MYR2.1 billion.
Enterprise sales rose 5.5 per cent to MYR365 billion.
Home connectivity revenue increased 11 per cent to MYR222 million.
Capex dropped 24 per cent to MYR130 billion, but Maxis expects full-year outlay of MYR1.1 billion, about the same level as in 2022.
Maxis forecast flat or low-single-digit full year service revenue growth.