True sales up but losses widen after Hutchison acquisition

18 Aug 2011

True Corp has posted net revenue of THB17.7 billion (USD592 million) for the second quarter of 2011, up 17.7% year-on-year thanks to 21.3% growth in wireless service revenue after the acquisition of rival operator Hutchison. Wireless operations accounted for 57.3% of the group’s revenue in the period under review, while broadband internet (up 4.2% year-on-year) contributed 38.9%. The remainder comprises sales from pay-TV services, which were unchanged from twelve months previously. Despite being the largest unit in terms of revenue, the wireless division continues to be loss-making, moving from a loss of THB1.1 billion during the second quarter of last year to a loss of THB1.4 billion during the same period this year, partly due to the acquisition costs of Hutchison. At 30 June True claimed 18.5 million wireless subscribers, 1.25 million broadband internet customers and 1.69 million pay-TV accounts.

Thailand, Hutch (Thailand), True Corp, True Move