TT&T swings to USD229m quarterly net loss

21 Nov 2012

Indebted Thai provincial fixed line operator TT&T has reported its third-quarter 2012 financial statements to the Stock Exchange of Thailand (SET). Total revenue (excluding gain from foreign exchange rate, and gain on debt restructuring) in Q3 2012 was THB592 million (USD19.3 million), decreasing from THB643 million in Q3 2011. Revenue from core telephony services under TT&T’s build-transfer-operate (BTO) contract with state-owned telco TOT fell by THB74 million or 12% year-on-year, resulting mainly from weakening of voice service revenue. Operating loss (before gains from debt restructuring, financial cost, loss on impairment of assets, and foreign exchange effects) reached THB247 million in July-September 2012, narrowed from THB411 million operating loss in Q3 2011. Loss from asset impairment was THB6.9 billion in Q3 2012, while there was no loss from impairment of assets in the year-ago quarter, which drove a swing to a net loss of THB7.02 billion in the quarter under review, compared to a net profit of THB2.45 billion a year before.

Thailand, TT&T