Shin Corp net profit more than doubles

15 Aug 2008

Thai conglomerate Shin Corp has reported that its second-quarter net profit more than doubled due to higher contributions from mobile network operating unit Advanced Info Service (AIS), reports Reuters. Shin Corp, controlled by Singapore’s Temasek Holdings through two Thai-registered companies, posted net income of THB2.68 billion (USD80 million) in the three months to the end of June, up from THB1.2 billion a year earlier, beating an average forecast of THB2.27 billion by analysts surveyed by Reuters. Shin Corp, valued at USD2.3 billion on the Thai bourse, comprises more than 20 companies in the wireless, satellite, internet and media sectors, with its 43%-owned unit AIS contributing more than 80% of its net profits. Earlier this week AIS, which leads the Thai mobile market, announced a 73% year-on-year rise in its net income. Through its Shenington Investments unit, Shin Corp also owns a 49% stake in Laos fixed and mobile operator Lao Telecommunications Company (LTC) and a 100% stake in Cambodian cellco Camshin. The corporation also has a stake in Thai ISP CS Loxinfo.