True Group, a fully integrated telecommunications provider, reported net profit of 5.6 billion baht last year, driven by 6.7% growth in revenue from its mobile business TrueMove H.
The group's operating profit, excluding the gain from an asset sale to the Digital Telecommunications Infrastructure Fund (DIF), soared to 4.7 billion baht, compared with a 1 billion loss a year earlier.
According to the group, TrueMove H continued to see growth in terms of revenue and subscribers.
TrueMove H's service revenue rose 11.3% year-on-year in the fourth quarter and 6.7% to 77.7 billion baht last year, supported by double-digit revenue growth in the postpaid segment.
Its earnings were also driven by the continued success of its device-bundling and exclusive campaigns, as well as its expanding distribution channels.
TrueMove H has expanded its total subscriber base to 30.6 million, of which 8.3 million were postpaid and 22.3 million prepaid users. It added 1.4 million subscribers last year.
"True reported cell service revenue increasing 3% quarter-on-quarter in the fourth quarter," said Anat Mekpaiboonvatana, co-president of True Group.
The group's broadband business continues to see positive growth, though competition in the service has intensified.
Mr Anant said TrueVision, a pay-TV operator, adds value across True Group's multiple platforms. TrueVisions ended 2019 with a total customer base of 4 million and service revenue of 12 billion baht.
Another co-president of the group, Sarit Jinnasith, said True saw continued above-industry growth of both mobile and broadband customers and core profit enhancement throughout last year.
True Move H Universal Communication (TUC) won nine licences on the 2600-megahertz range, plus eight licences on the 26-gigahertz range, from the Feb 16 auction of the 5G spectrum licences.
"The value addition of the 2600MHz and 26GHz spectrum will expand our network leadership through the most comprehensive spectrum portfolio covering seven frequency bands," said Mr Anant.
The company is fostering synergy with China Mobile, the world's largest mobile operator by subscribers, in know-how, devices and network design for 5G development.
The group's broadband business, TrueOnline, added 320,000 subscribers last year, the highest in the industry, bringing the total number of subscribers to 3.8 million, with revenue of 25.9 billion baht.