Swinging both ways: profit, loss for True in Q4, FY

Thai quadruple-play telecoms group True Corp swung to an annual net loss in 2011 of THB2.69 billion (USD89 million) from a THB1.21 billion net profit the previous year, mainly caused by interest payments more than doubling and a rise in costs due to the launch of its ‘True Move H’ HSPA-based 3G network in the third quarter. Consolidated revenues climbed 15% in 2011 to THB71.94 billion, from THB62.38 billion in 2010, although annual interest payments jumped from THB5.69 billion to THB14.97 billion, and costs from sales and services reached THB51.93 billion, up from THB42.88 billion. However, True swung to a net profit of THB239 million in the fourth quarter of 2011, compared to a net loss of THB1.39 billion in Q4 2010, as consolidated service revenues climbed 5% to THB14.31 billion, and mobile turnover increased by 17% to THB7.03 billion (including a 67% surge in data/non-voice revenue to THB1.60 billion) on the back of the previous quarter’s True Move H launch.

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OVETEL Swinging both ways: profit, loss for True in Q4, FY