MediaCorp transfers 7.46% stake in StarHub to Temasek

Singaporean fixed line, broadband and mobile operator StarHub says that MediaCorp has transferred its total 7.46% equity stake – equivalent to 127.9 million shares – in the operator, to Temasek Holdings.

The press statement said that this was for payment of an interim dividend for the financial year ended 31 March 2010. MediaCorp no longer holds any shares in StarHub as a result of the transaction.

According to TeleGeography’s GlobalComms Database, StarHub reported a 15% fall in fourth-quarter operating profits compared to the year ago period, at $89 million, although full-year net income was ‘stable’ at $408 million.

The latest performance followed StarHub posting a 7.1% increase in net profit for the three months ended 30 September 2009 on the back of higher sales across three out of its four business areas. For 3Q09, the telco had reported net profit of $85.2 million, compared with $79.5 million in the corresponding year earlier period.

Full-year EBITDA was 1% higher at $654 million in 2009, it said. Net profit after tax increased 3% to $320 million, while free cash flow for the full year was $461 million – up 22% from $378 million previously.

Capital expenditure in 2009 totalled $231 million, of which $57 million was spent in the fourth quarter – up 4% year-on-year.

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