Asian Pay Television Trust (APTT) swung to a net profit of S$18.2 million for the six months ended Jun 30, up from a S$7.3 million loss a year earlier, as expanding broadband subscriptions offset continued basic cable attrition.

Earnings per unit rose to 0.96 Singapore cents from a loss of 0.41 cent in the previous period. An interim distribution of 0.40 cent per unit was declared, down from 0.525 cent a year ago. The payout will be made on Sept 25 to unitholders on record as at Sept 18, and the board reaffirmed its full-year guidance of 0.80 cent per unit.

Group revenue slipped 3.7 per cent year-on-year to S$115.7 million. EBITDA eased 6.4 per cent to S$63.0 million, trimming the margin to 54.5 per cent from 56.0 per cent.

By segment, basic cable TV remained the largest contributor but fell 8.5 per cent YoY to S$71.1 million as subscriber numbers contracted to about 601,000 and average revenue per user (ARPU) declined. Premium digital TV revenue dropped 6.2 per cent to S$4.6 million. Broadband revenue, however, climbed 6.5 per cent to S$40.0 million, supported by a net addition of roughly 17,000 subscribers over the half and stable ARPU of NT$385 per month.

The group cited price-sensitive consumers, competition from low-priced IPTV offerings and the shift toward over-the-top streaming as key drags on its traditional cable business. Total operating expenses were largely flat at S$52.7 million, though higher pole-rental and professional-fee outlays pressured margins.

Capital expenditure rose 52.4 per cent to S$19.3 million, representing 16.7 per cent of revenue, as APTT accelerated fibre network upgrades and engineering outsourcing costs. The trust also repaid S$17 million of net debt in the half; it plans to cut borrowings by S$43 million to S$63 million over 2026-27 and has roughly 78 per cent of onshore debt hedged at a fixed TAIBOR rate of 1.54 per cent through mid-2028.

Looking ahead, the trustee-manager expects subscriber growth to continue in 2026, spearheaded by broadband, while acknowledging ongoing ARPU and EBITDA pressure from Taiwan’s saturated cable market and aggressive IPTV pricing. Operating expenses are projected to remain broadly stable versus 2025, and excess cash will be channelled toward additional discretionary debt repayments.