Forex boosts True’s profits by 562%

19 May 2008

Thai full-service telco True Corp posted a 562% year-on-year rise in first-quarter net profit to THB2.74 billion (USD84 million), compared to THB414 billion a year ago, helped by a THB2.46 billion foreign exchange gain (up from THB1.24 billion in Q1 2007). Service revenues rose 12% to THB15.6 billion in the three months ended 31 March 2008, aided by improving income from its market-leading broadband internet business, the company said in a statement. Retail broadband customers increased by 35,426 in January-March to 573,711, whilst cable TV viewers at its True Visions unit reached 1.03 million, the corporation said. Mobile division True Move added 368,000 net new customers in the first quarter to finished March with 12.448 million GMS users, giving it 22.5% of the country’s 55.3 million subscribers at that date, according to TeleGeography. The cellco, which is in third place behind market leader AIS and DTAC, now accounts for 50% of True Corp’s service revenues. True Corp focuses on bundled packages including mobile, fixed line, internet and entertainment and expects around 37% of Thailand’s 19 million households to use at least one of its services this year. The group expects turnover in full-year 2008 to rise by 8% to around THB66.5 billion from THB61.6 billion, mainly driven by mobile services.

Thailand, True Corp, True Move