SET-listed True Corporation reported first-quarter revenue of 35.4 billion baht, up 1.1% year-on-year, driven by continued expansion of the subscriber base of its mobile and broadband services.
The company's Ebitda (earnings before interest, taxes, depreciation and amortisation) grew 15% year-on-year to 14 billion baht following cost controls and service revenue growth.
"The first-quarter operating results of True shows various positive aspects, particularly cost structuring throughout the process, which has become more effective, along with the continued expansion of quality customer base," said Yupa Leewongcharoen, chief financial officer of True.
The company's mobile, broadband and digital service revenues continued to rise, offsetting waning revenue from the TrueVisions cable TV service, she said.
Its mobile business TrueMove H added 581,000 users in the first quarter, enabling its user base to reach 31.2 million, of which 21 million are pre-paid users.
Its 5G subscribers surpassed 700,000 as of the end of the first quarter. TrueMove H's mobile service revenue in the first quarter reached 19.9 billion baht, up 1% quarterly.
Despite the pandemic raging on, the number of mobile users and 5G device adoption continues to rise, according to the company.
"Demand for 5G and broadband service shows signs of continued growth," said True co-president Manat Manavutiveth.
"The new normal caused consumers and businesses to quickly adjust to the changes and demand for digital services and solutions has surged significantly."
Its internet broadband business TrueOnline saw its revenue surge 10% year-on-year to 7.19 billion baht, buoyed by a positive response from customers for its high-speed internet fibre service.
Some 101,000 new subscribers were added in the first quarter, resulting in its user base for internet broadband service reaching 4.3 million.
The pandemic, the company said, has stimulated strong demand for internet services for remote work and online study.
TrueVisions booked 2.58 billion baht in revenue in the first quarter, a drop of 1% year-on-year and a decline of 6.2% quarterly amid consumers' behavioural shift towards digital media and over-the-top platforms.
As of the end of the first quarter, TrueVisions had 3.9 million subscribers.
True Corporation, however, racked up 581 million baht in net losses in the first quarter, compared with a loss of 161 million baht in the same quarter a year ago, pressured by 5G spectrum costs and loss on foreign exchange.