True plunges into the red on forex loss

Telecom Asia Staff
19 May 2009
00:00

Thai operators True and AIS both reported falls in Q1 profit, with True posting a 360 million baht ($10.4 million) loss.

True has attributed the result to a 379 million baht forex loss, and added that the company\'s 3.4 billion net profit for Q1 2008 included a 2.5 billion forex gain.

But service revenue also decreased 1.3% year-on-year to 13.2 billion baht, even as revenue from broadband grew 11.8% to 1.3 billion.

Mobile revenue grew to 5.9 billion baht, while subscribers grew by almost 250,000 to 15 million. Post-paid subscribers grew by around 112,000.

True CFO Noppadol Dej-Udom said despite the loss the company\'s financial position had been strengthened through a recent rights offer.

"We now have 11 billion baht in cash on the balance sheet. This will provide adequate comfort to deal with any economic uncertainty though we still remain committed to strictly controlling costs and spending," he said.

AIS, meanwhile, saw its profit fall 11.2% to 4.56 billion baht. Revenue fell 8% to 26.29 billion baht.

Voice revenue fell 5.6% year-on-year, and represented 75% of the company\'s total. Non-voice revenue grew 18% year-on-year, and contributed 15%. AIS\'s subscriber base grew by 271,600 to around 27.5 million.

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