Lower Satellite Depreciation-Concession Fee Boost THCOM’s 3Q21 Earnings by 90%

Thaicom Public Company Limited (THCOM) has announced its 3Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;

THCOM’s consolidated net profit for 3Q21 was Baht 146 million, improved from the consolidated net profit of Baht 77 million for 3Q20, or 90%, and the consolidated net loss of Baht 41 million for 2Q21 as a result of lower cost of satellite depreciation and concession fee, together with an increase in consolidated revenue from sales of goods and rendering of services both conventional and broadband satellites and gain from foreign exchange.

Consolidated revenue from sales of goods and rendering of services for 3Q21 was at Baht 925 million, increased by Baht 7 million or 0.8% from Baht 918 million for 3Q20, mainly from the appreciation of US dollar against Thai Baht that resulted in an increase of revenue recognition from foreign currency. 

Compared with 2Q21, consolidated revenue from sales of goods and rendering of services increased by Baht 130 million or 16.3% from Baht 796 million, regarding an increase of project sale revenue from conventional satellite business and value-added services from broadband business.

For 9M21, the consolidated revenue from sales of goods and rendering of services was Baht 2,509 million, declined by 9% from Baht 2,756 million for 9M20, mainly due to a decrease of revenue from satellite and related services business.

Additionally, THCOM reported consolidated cost of sales of goods and rendering of services for 3Q21 of Baht 656 million, decreased  by 11% compared to Baht 736 million for 3Q20, from a decrease of satellite depreciation and concession fee. The cost remained constant compared to 2Q21 at Baht 650 million, corresponding with an increase in equipment cost of sale project from related service for conventional satellites.