THAICOM Announces First Quarter 2008 ResultsWednesday, May 14th, 2008
THAICOM Public Company Limited (SET BKK: THCOM), Asia’s leading commercial satellite operator and the operator of the IPSTAR satellite broadband system, reported today that its total revenue for the first quarter 2008 was Baht 2,400 million, an increase of 13.7% compared to the same period last year. The Company’s sales and service income was Baht 1,857 million, an increase of 14.8% compared last year’s first quarter results, mainly due to the sales of 20,957 IPSTAR User Terminals during the first quarter of 2008. As of first quarter 2008, a total of 125,024 IPSTAR User Terminals has been delivered. In addition, the increase of the Company’s income was also attributed to the continued growth of the DTV satellite dish sales.
Thaicom Plc. has increased the number of transponder customers including broadcasters and telecom service providers overseas. In the first quarter of this year, the Company has signed 22 Contracts with 11 new channels with total contract value of US$33 million. Currently, the Company has more than 240 channels on the Thaicom 5 satellite.
Revenues from telephone business services in Cambodia (Cambodia Shinawatra Co., Ltd.) and Laos (Lao Telecommunications Co., Ltd.) increased by 5% over the same period of last year, even though the Company has recognized revenue from Shenington Investments in proportion of 51% since July 26, 2007. In addition, the number of telephone subscribers continues to grow in both markets. At the end of the first quarter of 2008, CamShin and LTC had the total of 1,335,986 subscribers, an increase of 32.8% over the same period last year.
In the Internet access and media businesses, total revenue was Baht 75 million, an increase of 97.4% compared to the same period of last year. This was due to the continued growth in DTV satellite dish sales after the launch of the service by DTV Service Co., Ltd. (formerly known as Shin Broadband Internet (Thailand)), a wholly-owned subsidiary of Thaicom Plc. At the end of the first quarter, total of 145,762 DTV satellite dish sets was sold since its launch in mid 2007. In the first quarter of 2008, Thaicom has also expanded DTV services to Cambodia and Laos.
In the first quarter of 2008, Thaicom Plc. reported in its consolidated financial statement a net profit of Baht 281 million, an increase of 15.1% from sales and service. In this quarter, the interest expense was Baht 132 million, a decrease of Baht 110 million or 45.5% compared to the same period last year. The Company recorded a gain from the exchange rate of Baht 491 million as a result of the continuation of the Baht appreciation.
More: Earnings Releases