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S Mobility Reports Rs 2.2 Cr Profit For Q3-FY13; Revenue Down 29% YoY

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S Mobility* reported a significant decline in its total revenue: Rs 394.3 crore for the quarter ending March 31, 2012, down 18.94% from Rs 486.4 crore in the previous quarter and down 28.7% from Rs 553.3 crore in the same quarter last year but was profitable at an operating level: reporting a profit of Rs 2.2 crore for the quarter, as compared to Rs 10.6 crore loss in the previous quarter and Rs 20 crore loss in the corresponding quarter last year. Remember that S Mobility had changed its financial year from a twelve month period to a fifteen month period last year.

Mobile Devices vs Services

The company’s mobile devices segment registered a total revenue of Rs 335.4 crore, a significant 21.9% decline from Rs 429.6 crore in the previous quarter and a 32.6% decline from Rs 497.5 crore in the same quarter last year. The loss before tax for the segment was Rs 5.4 crore, up from Rs 3.2 crore loss in the previous quarter and a marked improvement from Rs 22.9 crore loss in the same quarter last year.

On the other hand, the services segment saw improved revenues of Rs 58.9 crore for the quarter, up from Rs 56.9 crore in the previous quarter and Rs 55.8 crore in the same quarter last year. The profit before tax was Rs 5.2 crore, compared to Rs 15.2 crore loss in the previous quarter and 0.3 Crore profit in the same quarter last year.

Other Highlights

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– S Mobility informed that the company’s board has approved the transfer of its handset business to Spice Retail Limited, a wholly owned subsidiary of the company, through slump sale at book value.

– S GIC Pte Ltd, a step down subsidiary of the company had also proposed a reduction of its paid up capital by SGD 3.2 million (around Rs 140.9 million), following which the company has decided to distribute this capital to its subsidiary Spice Digital.

– Last month, Spice Digital had rolled out an audio blogging service Voice Tube in Bangladesh. The service was initially available on telecom operator Robi (an Axiata company) and it was expected to be rolled out on Airtel Bangladesh as well.

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*Disclosure: Spice Digital, a subsidiary of S Mobility is an advertiser with MediaNama

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