True reports subscriber growth, but posts net loss on FX effects

18 May 2009

Thai full-service telco has posted its operational results for the three months to the end of March 2009, including a 20% year-on-year rise in mobile unit True Move’s subscriber base to just over 15 million, with post-paid cellular users passing the one million mark. Fixed network division True Online’s broadband internet subscribers grew to 641,000 at the end of the first quarter, up from 573,000 at end-March 2008, whilst pay-TV unit TrueVisions continued to enjoy mass market success with some 111,000 net additions in Q1 taking total subscribers to 1.58 million.

True Corp’s consolidated quarterly service revenue (excluding interconnection charges) fell by 1.3% y-o-y to THB13.2 billion (USD390 million) while EBITDA was down 1.5% to THB5.2 billion (though lower operating expenses and net interconnection payments caused a 14.3% quarter-on-quarter EBITDA rise). A bottom-line loss of THB360 million included foreign exchange losses of THB379 million mainly related to foreign currency loans. This was compared to a Q108 net profit of THB3.4 billion, which included a THB2.5 billion FX gain. Q109 net income from ongoing operations was stable y-o-y at THB227 million.

Thailand, True Corp, True Move