Thailand - True (TrueVisions) posts quarterly results
Friday, August 15th, 2008
True Corporation PLC (SET: TRUE) posted soft Q2 quarterly results although convergence uptake was strong and a second-half improvement is expected.
TrueVisions posted solid revenue and subscriber growth due mainly to mass market success. Service revenue increased 11.9% Y-on-Y and 4.1% Q-on-Q to Bt 2.3 bn. EBITDA was up 9.6% Y-on-Y but declined 8.5% Q-on-Q to Bt 650 mn after increased marketing activities.
Net adds were slightly softer Q-on-Q at 68,000. Total subscribers rose to almost 1.2 mn while subscribers to mass market packages continued to increase. In the past two years, TrueVisions has attracted more than 500,000 subscribers, doubling its subscriber base. The proportion of upcountry subscribers has risen from 42% in 2006 to 48% in 1H08 providing greater opportunities to tap rising rural purchasing power.
TrueVisions Net additions and subscribers (000s):
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 ---- ---- ---- ----- ----- ----- Free to air 62 66 73 90 85 100 Free View 108 186 250 319 358 420 Standard Packages 104 114 141 149 189 202 Premium Packages 464 455 473 481 479 457 ---- ---- ---- ----- ----- ----- Total 737 821 937 1,039 1,111 1,179 Net Adds 84 116 102 72 68
1. Free to air including satellite disc sale +32 free-to-air channels, no commitment to True Move mobile (from SSK pre-paid and sales in the past)
2. Free view including satellite disc sale +32 free-to-air channels +7 TrueVisions’ channels, with commitment to True Move
3. Standard packages including Knowledge and prepay EPL
4. Premium packages including Platinum, Gold and Silver
5. TrueVisions started to include free-to-air subscribers (satellite disc sale with 32 free-to-air TrueVisions channels and no monthly commitment to TrueMove) with restatement to prior quarters.
More: Earnings Release
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