True Corp’s revenue climbs 8.9%

1 Mar 2013

Thai quadruple-play operator True Corp’s consolidated 2012 service revenues grew by 8.9% to THB61.9 billion (USD2.1 billion), driven by strong growth in all key business segments. EBITDA declined marginally year-on-year to THB16.7 billion while EBITDA margin fell to 21.8% in 2012 from 26.9% the previous year, mainly due to increases in cash operating expenses at True Mobile Group and TrueVisions as well as higher net interconnection costs at True Mobile Group. Annual net loss to shareholders of the parent company was THB7.4 billion with impairment losses totaling THB2.1 billion (mainly consisting of impairment of True Move’s 2G network assets) and a foreign exchange gain of THB889 million.

3G mobile division True Move H gained 2.4 million net additional customers during the year, taking its subscriber base to 2.9 million at end-December, while at that date True Mobile Group as a whole served 21.0 million subscribers, including 18.0 million at True Move (down from 18.2 million a year earlier) and just 46,000 remaining Hutch customers on the CDMA network due for shutdown in April 2013. True also pointed out that its migration of True Move users to True Move H network services had been slowed down by regulatory issues including a lack of new mobile phone numbers. True Mobile Group’s cellular revenue grew 14.4% to THB31.2 billion in full-year 2012.

Fixed network division True Online’s broadband business gained record yearly net customer additions of 235,000, supported by expanded network coverage, especially into the rural areas. The broadband subscriber base reached 1.57 million at the end of 2012, while True’s cable DOCSIS and ADSL networks covered 3.6 million households in 53 provinces. True Online’s service revenue grew 4.7% to THB28.1 billion as the growth in consumer broadband revenue offset continued declines in other areas such as public phone services and limited mobility (PCT) business, the group reported.

Pay-TV division TrueVisions’ service revenue grew strongly by 8.2% to THB10.5 billion in 2012 as its subscribers increased to 2.04 million at 31 December 2012, up from 1.64 million at the end of 2011.

Thailand, Hutch (Thailand), True Corp