Loss from FX and 5G Spectrum Costs Plunge TRUE’s 1Q21 Performance Further
Loss from foreign exchange and high 5G spectrum costs in 1Q21 pressured TRUE performance to face further net loss.
True Corporation Public Company Limited (TRUE) has announced its 1Q21 consolidated financial statement through the Stock Exchange of Thailand as follows;
In 1Q21, TRUE reported a net profit of 581 million baht, plunged further from a net profit of 161 million baht in 1Q20, pressured by a deviation of unrealized foreign exchange gain and loss to the tune of 494.2 million baht and 5G spectrum costs.
TRUE reported total revenue of 35,425 million baht in the first quarter of 2021 as revenues from devices and services increased 5.6% and 1.1% YoY, respectively, along with solid acquisitions of mobile, broadband and digital arms.
Service revenue was flat QoQ excluding revenue from non-core contracted business in Q4 as broadband and core mobilerevenuesgrew2%and 1% QoQ respectively, offsettingTrue Visions’ revenue decline of 6%.
TRUE’s continued efforts on quality acquisition and cost optimization remained intact lowering operating expenses by 6% YoY and net product loss dropping by more than half from the same period last year. These drove consecutive EBITDA growth to 14.1 billion baht, while 5G spectrum costs and a swing of foreign exchange rate pressured bottomline performance in the first quarter of 2021.