Stocks and Financial Services Press Releases Thursday May 14, 2015 17:36
Bangkok--14 May--Ideaworks Communications

True Corporation PLC (SET: TRUE) recorded another strong quarter, achieving a net profit of Baht 1.6 billion in 1Q15 as a result of its competitive strengths and healthy performance improvement mainly at the cellular and broadband businesses.

In the first quarter of 2015, consolidated service revenue increased to Baht 18.0 billion mainly due to solid growth of the cellular and broadband businesses. EBITDA reached Baht 5.4 billion, improving 14% YoY on incremental revenue and 45% QoQ, after excluding gain from transferring new towers to TRUEIF, due to significant reduction of selling and marketing expenses as well as ongoing revenue growth.

True Group reported a net profit totaling Baht 1.6 billion, after recognizing gain of Baht 361 million from the second phase of 338 towers divestment to TRUEIF in March, driven by the Group’s enhanced operating performance and lower interest expense, which dropped by 57% from the same period last year.

True President and CEO Suphachai Chearavanont said, “We are delighted to see True Group’s continued strong performance improvement during the first quarter. True Mobile Group’s service revenue growth continued to outperform the industry with its value market share growing to 18.4% as more and more consumers recognized our superior 4G and 3G networks and offerings. TrueOnline’s broadband revenue maintained the course of solid double-digit growth while TrueVisions’ subscription revenue continued its QoQ upward trend. Subscriber base of True Group’s three core products reached 26.3 million at the end of the first quarter, supported by overwhelming response to its convergence campaigns and regionalized marketing activities. These along with materialized synergies in various areas with China Mobile affirm our confidence in sustainable growth and continued profitability going forward.”

TrueMove H continues to ride on its leading position in delivering an exceptionally fast and powerful mobile Internet experience through its superior 4G network, covering 80% of the Thai population. During the first quarter, the business introduced attractive mobile packages bundling with world-class smart devices, especially the global multi-band “True Smart 4G 5.5" Enterprise” through collaboration with China Mobile. Strong response to these promotions and its localized marketing activities drove TrueMobile’s non-voice revenue to grow by more than 32% YoY. True Mobile Group ended the first quarter with 21.5 million subscribers, of which 20.7 million were under its 3G and 4G businesses.

TrueOnline remained committed to offering the best-value broadband packages together with True Group’s unique convergence propositions catering to various lifestyles of all family members. Meanwhile, it strives to increase broadband Internet access for Thai people through network expansion, covering 5 million households nationwide. At the end of 1Q15, TrueOnline expanded its broadband subscriber base to 2.2 million.

TrueVisions’ mass-market campaign, particularly through the Group’s convergence offering, has continued its popularity. This resulted in ongoing quarterly growth of TrueVisions’ subscription revenue and its paying subscribers. Meanwhile, successful launch of the “True Digital HD” set-top box during the first quarter accelerated product sales while encouraging viewers to subscribe to TrueVisions’ monthly packages. TrueVisions’ customer base increased to 2.6 million by the end of the first quarter.

True Group CFO Noppadol Dej-Udom said, “We are very pleased with the Group’s strengthened financial position which was a result of impressive revenue growth and our continued focus on maintaining financial discipline. The net debt-to-EBITDA ratio remains healthy at 1.3 times while the recent success of additional assets divestment to TRUEIF in March not only supports the Group’s business expansion, but also continues expansion of TRUEIF’s asset base strategically.”

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