Thailand’s second largest cellco by subscribers DTAC has reported that its net profit fell by 22% year-on-year to THB1.24 billion (USD36 million) in the fourth quarter of 2008. The GSM operator, a subsidiary of Norway’s Telenor, attributed the falling profits to lower mobile usage against the backdrop of an economic slowdown. However, for full-year 2008 DTAC’s net income rose by 60% to THB9.33 billion, boosted by subscriber take-up and one-off gains. It added 2.9 million net new customers in twelve months to take its total subscriber base to 18.7 million at the end of December 2008. Annual revenues and EBITDA increased by 3.3% and 22.8% to THB67.7 billion and THB23.2 billion, respectively. DTAC’s CEO Tore Johnsen said the company achieved most of its targets for the year despite negative factors including sudden oil price hikes, major flooding in Thailand, the global economic decline, and increasing local political uncertainty.