True’s Q3 service revenue up 10.6% year-on-year

20 Nov 2013

Thai quadruple-play operator True Corp’s consolidated service revenue in 3Q13 increased by 4.3% quarter-on-quarter and 10.6% year-on-year to THB17.1 billion (USD540 million), supported by the continued strong growth of mobile and broadband revenue. In a statement the group reported that EBITDA also improved 6.8% y-o-y, to THB4.0 billion, thanks to strong service revenue growth, higher contribution from handset sales and lower regulatory costs which offset increases in network operation and maintenance, selling and administrative expenses. EBITDA, however, fell on a q-o-q basis by 8.4%, due to a decline in product sales contribution and higher cash OPEX. Net loss to shareholders of the parent company in 3Q13 widened to THB4.3 billion from a THB1.8 billion loss in 3Q12, due in part to a foreign exchange FOREX loss of THB139 million and an impairment loss of THB2.1 billion. The impairment charge related to the revaluation of True Mobile Group’s 2G business upon expiration of its build-transfer-operate (BTO) 2G operating agreement with CAT Telecom in September 2013.

True Mobile Group’s cellular service revenue in July-September 2013 grew 7.6% q-o-q and 17.7% y-o-y to THB9.1 billion, driven by an expanded subscriber base and continual growth of the non-voice segment, boosted by the launch of its 2100MHz 3G and 4G network in the second quarter. True Mobile Group’s net adds were 307,000 in the period under review, bringing the total subscriber base to 22.4 million at the end of the quarter, with 13.1% on post-paid contracts. True Online’s broadband three-month net subscriber adds reached 68,000 (from 56,000 in 2Q13), taking the broadband subscriber base up to 1.75 million. Meanwhile, True Online achieved the year-end target early in terms of broadband coverage – 61 provinces. The business will continue to expand its broadband network to reach 4.2 million homes passed by the end of the year, up from four million at the end of September, True stated.

Thailand, True Corp