Bouncy baht boosts bottom line for True

28 Feb 2011

Thai quadruple-play operator True Corp has reported total revenues of THB62.38 billion (USD2.00 billion) in full year 2010, down by 0.2% from 2009’s figure of THB62.47 billion. Consolidated net profit attributable to shareholders of the parent company rose by 59.6% to THB1.96 billion from THB1.23 billion the previous year, mainly due to a one-time gain relating to the refinancing of True’s TV division TrueVisions. The group recorded a one-time gain of THB2.6 billion, including a THB1.5 billion FX gain on the strength of the Thai baht. FY10 net income from ongoing operations excluding deferred tax, however, decreased by 49.8% to THB257 million, whilst EBITDA fell 6.1% to THB18.4 billion on increasing costs.

Fixed and broadband division True Online reported that 2010 service revenue increased by 3.6% to THB27.3 billion driven by strong growth in broadband, business data and convergence services. Broadband revenue rose 9.7% to THB6.5 billion, helped by recent network upgrades and the launch of a 6Mbps DSL service. Broadband subscriber net additions more than doubled from 2009 to 122,000 in the year under review, raising the total customer base by 17.7% to 814,000 at end-December.

Cellular unit True Move posted twelve-month service revenue (excluding interconnection charges) of THB23.6 billion, up by 0.2%, supported by growth in post-paid (9%) and non-voice (12.8%) turnover. Rising mobile internet and smartphone usage drove the strong growth in non-voice revenue, with mobile internet revenue almost doubling. However, pre-paid revenue declined by 6.6%, which True blamed on intense competition in on-net promotions. Sales recovered in Q410 on the launch of promotions targeting new customer segments, it added. True Move ended 2010 with 17.1 million subscribers, after adding 1.3 million net new users in the year.

Thailand, True Corp, True Move