THCOM Faces a Net Loss of ฿135m from FX Loss and Extra Payment under Labor Protection

Thaicom Public Company Limited (THCOM) has reported its 2Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

THCOM’s net loss for 2Q19 was THB 135 million, decreased from a net profit of THB 251 million in the same period of last year. This was mainly from the extra expenses totaled of THB 137 million that consist of a foreign exchange loss, an additional recognition of additional compensation for employees due to the Labor Protection, and the written-off of deferred tax asset. THCOM had normalized net loss excluding the impacts of loss from such extra expenses of THB 2 million.

 

The overall utilization rate as at the end of 2Q19 of THCOM’s conventional satellites, the Thaicom 5, 6, 7 and 8, was 53%, the same rate as at the end of 1Q19. For broadband satellite, Thaicom 4, the utilization rate was 24%, down from 31% as at the end of 1Q19. This was mainly from the ramp down of foreign customers.

 

THCOM stated that the new sales are a bit slow due to the uncertainty of continuing operation of satellites under concession. The company still aims to engage in a constructive cooperation with the Thai Government to enhance national security by joining a public-private partnership (PPP) model and open to discuss various forms of project collaboration to enhance the partnership.