True net profit takes massive blow on tourist loss

True net profit takes massive blow on tourist loss

Telecom firm True Group reported third-quarter service revenue of 26.5 billion baht, down 0.5% both quarterly and year-on-year, pressured by the impact of the pandemic and economic woes.

True booked a third-quarter net profit of 104 million baht, down from 1.26 billion baht in the previous quarter.

The company's Ebitda (earnings before interest, taxes, depreciation and amortisation) grew 19% year-on-year and 2% quarterly to 9.4 billion baht in the third quarter, excluding the impact of the new accounting standard (TFRS16).

In the first nine months, True reported Ebitda of 38.6 billion baht and net profit of 1.2 billion baht.

"True Group maintained solid Ebitda growth in the third quarter even though overall consumer spending and behaviour was affected by the economy and the prolonged pandemic," said Anat Mekpaiboonvatana, co-president of True.

"This challenge has created a new lifestyle that will amplify Thailand's growth potential as well as that of True Group as consumers and businesses become more digitised."

TrueMove H, its mobile service, added 269,000 postpaid subscribers in the third quarter, pushing up postpaid revenue to a double-digit rate from the same period a year earlier.

TrueMove H recorded service revenue of 19.9 billion baht in the third quarter, totalling 60.2 billion baht over the first nine months, up 4% year-on-year.

"Although the overall mobile industry was hit by the continued absence of tourist arrivals during the quarter, our recent commercial launch of 5G with value-added offerings and content, particularly virtual reality and augmented reality, are expected to drive data growth and more premium subscribers to True Group," said Mr Anat.

The company's broadband internet service, TrueOnline, saw its third-quarter revenue tally 6.8 billion baht, up 3% from the same period a year earlier. Total broadband internet subscribers expanded to 4.1 million, adding 111,000 during the third quarter.

TrueVisions cable TV service booked third-quarter revenue of 2.6 billion baht. TrueVisions ended the third quarter with a total customer base of 4 million, underpinned by 4% growth of the premium customer base compared with the previous quarter.

"We have continued to provide high-quality networks and services to consumers using advanced technologies that offer better experiences and greater convenience," said Sarit Jinnasith, co-president of True.

"The launch of 5G in Thailand comes at the right time as it will help shape society and pave the way to a fully integrated digital era."

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