True’s stuttering revenues and forex effects result in net loss, but q-on-q improvement

19 Nov 2008

Thai full-service telco True Corp has reported a consolidated net loss of THB1.653 billion (USD47.6 million) for the third quarter of this year compared to a net profit of THB1.199 billion in the same period last year, due mainly to stagnating revenues and foreign exchange losses. Revenues fell to THB15.044 billion in the three months to the end of September 2008, down from THB15.474 billion a year earlier. However, in a statement the company said that adjusted group net loss from ongoing operations was THB513 million in 3Q08, representing an improvement on a loss of THB186 million in the previous quarter. Cellular division True Move added a net 720,000 new subscribers in Q3 to end the period with 13.675 million users; it claimed that its share of the country’s total net additions increased to more than 31%, up from 23.5% the previous quarter. True also added a net 20,000 fixed broadband subscribers in three months, taking the total to 625,000 at end-September; subscribers using packaged with speeds of 1Mbps or more increased to 63% (from 53% at the end of 2007). Wi-Fi subscriber numbers also saw growth, hitting 87,000 at the end of Q3, up from 53,000 in the previous quarter.

Thailand, True Corp, True Move