Swinging time for True in Q1; revenues up 25%

14 May 2012

Thai quadruple-play operator True Corp has reported that its combined fixed line, broadband, mobile and pay-TV revenues rose by 25% year-on-year to THB21.56 billion (USD681 million) in the first quarter of 2012, after launching commercial 3G services last August and rolling out the new HSPA network to more than 76 provinces, as well as expanding cable broadband services to cities across the country. However, the rapid growth came at an expense, with True posting a net loss of THB456 million in the three months ended 31 March 2012, compared to a net profit of THB11.31 billion in the same period of 2011, as costs leapt by 38% year-on-year to THB16.64 billion and administrative expenses rose by 15% to THB2.69 billion. Net loss from ongoing operations, excluding deferred income tax, was THB1 billion in Q1 2012, compared to net losses of THB1.8 billion in the fourth quarter of 2011 – when it recorded abnormally high costs related to flooding in Thailand – and THB107 million in 1Q11. True Move H, the group’s 3G brand which offers services over an 850MHz network in partnership with CAT Telecom, signed up 625,000 net new subscribers in January-March 2012, taking the total to 1.1 million HSPA users, while overall 2G/3G mobile users reached 19.3 million at the end of the first quarter, up from 18.9 million at the end of 2011.

Thailand, True Corp, True Move