High Expenses Plunge TRUE’s Profit by 96%, Booking ฿104Mn in 3Q

True Corporation Public Company Limited (TRUE) has reported its 3Q20 consolidated financial statement through the Stock Exchange of Thailand as follows;

TRUE recorded a net profit of 104 million baht, decreased 96.35% when compared to the same period of last year. The decrease was driven by higher depreciation and amortization expenses following continued network expansion and spectrum acquisition, TFRS16 adoption this year, and the gain from asset sale to DIF in 3Q19.

 

The company maintained the topline with service revenue of Baht 26.5 billion in 3Q20 and Baht 79.7 billion in 9M20 as core service revenue grew 4%.

TrueMove H continued to grow its postpaid base with industry’s highest postpaid net adds of 269k in Q3 driving postpaid revenue up in double-digit rate from the same period last year.

TrueVisions’ service revenue was Baht 7.9 billion in 9M20 and Baht 2.6 billion in 3Q20 with core subscription revenues picking up in the third quarter.

The broadband internet market continued to expand given positive momentum from the new normal but remained competitive with operators highlighting speed and device while also providing affordable packages to capture larger growth. TrueOnline maintained its broadband leadership proven with continued solid net adds of 111k increasing its total broadband subscriber base to 4.1 million. This drove its broadband internet revenue up 3% to Baht 6.8 billion in 3Q20 and up 4% to Baht 20.0 billion in 9M20 compared to the same period last year.