FX gains help True Corp swing to profit

17 Aug 2009

Thai full-service telecoms operator True Corp swung to a THB1.22 billion (USD36 million) net profit in the second quarter of 2009, compared with a loss of THB2.67 billion a year earlier, thanks to foreign exchange gains of THB1.46 billion (compared with FX losses of THB2.48 billion in April-June 2008). The telco reported revenues excluding interconnection charges rose by 0.8% to THB12.8 billion, while EBITDA climbed 5% due to a reduction in net interconnection payments, stricter cost control and revenue gains. Cellular unit TrueMove added 243,000 net new customers in the quarter, including 80,000 post-paid users to end June 2009 with 1.2 million monthly contract subscribers amongst a total base of 15.25 million. Broadband revenues were up 9.8% to THB1.3 billion at the group’s True Online division, which ended the period with 647,000 broadband subscribers after adding 6,000 net new DSL lines in three months.

Thailand, True Corp, True Move