TRUE’s Profit in 3Q19 Jumps Near 30 Folds after Booking ฿7.7bn from Asset Sale

True Corporation Public Company Limited (TRUE) has reported its 3Q19 consolidated financial statement through the Stock Exchange of Thailand as follows:

True Group reported a net profit of Baht 2.9 billion in the third quarter of 2019, increased 2,789% from 3Q18 as EBITDA and operating profit grew to Baht 10.3 billion and 3.4 billion respectively. This was driven by higher service revenue with solid subscriber growth of both broadband and mobile businesses and the gain from asset sale to the Digital Telecommunications Infrastructure Fund (DIF) in August. As a result, net profit for the first nine months reached Baht 5.4 billion.

Consolidated service revenue was Baht 26.6 billion, growing 1.1% YoY or 3.4% YoY excluding World Cup contribution supported by subscriber growth of both the mobile and broadband internet businesses. This, together with the gain from asset sale to the Digital Telecommunications Infrastructure Fund (DIF) in August drove net profit to Baht 2,857.5 million in 3Q19 compared to profit of Baht 98.9 million in 3Q18.