Thai telecom firm True 2015 profit surges, expands mobile market share
True, controlled by Thai billionaire Dhanin Chearavanont’s Charoen Pokphand Group, also forecast service revenue to rise 13-17% this year, compared to 10.8% growth in consolidated service revenue in 2015.
Its market share of the mobile business rose to 20.8% in the fourth quarter, it added.
True, 18% owned by China Mobile, reported a net profit of 4.4 billion baht ($123.5 million) in 2015, a 58% increase from a year ago, and its second consecutive profit. Interest expenses fell for the year 41.9% after a large debt repayment.
Revenue from the mobile business jumped 17.3% in 2015, outperforming the industry growth rate of 0.3% and helping the mobile unit to contribute profit of 1.1 billion baht, the company said.
Fourth-quarter net profit, however, dropped 79% to 398 million baht due to an absence of gains from asset sales.
True group, the country’s third-largest mobile operator, won a 4G licence for 76.3 billion baht ($2.1 billion) in a December auction, in addition to another licence that it won in a November auction.
The company is due to sign a contract of credit guarantee facilities for the licence with banks on Tuesday, and some analysts expect True to post a net loss this year due to an increase in debt.