ทรูรายงานผลการดำเนินงานไตรมาสแรก EBITDA เติบโตแข็งแกร่ง ทรูมูฟปรับตัวดีขึ้นต่อเนื่อง

TRUE RECORDS STRONG EBITDA GROWTH IN Q109

WITH CONTINUED RECOVERY AT TRUEMOVE

BANGKOK, May 15 2009:  True Corporation PLC (SET: True) recorded strong EBITDA and EBITDA margin growth in the first quarter while service revenue also increased slightly despite the unfavorable macro environment. TrueMove’s recovery continued while TrueOnline and TrueVisions both grew over a year ago, although at a slower pace. Furthermore, the success of recent financing activities has enhanced the Group’s ability to cope with the economic climate. 

Consolidated service revenue (excluding interconnection charges) increased by 0.7% from Q4 to Bt 13.2 billion while lower operating expenses and net IC payments caused sharply higher EBITDA (up 14.3% to Bt 5.2 billion) and EBITDA margin (to 37.7% from 34.0% in Q408).

True President and CEO Suphachai Chearavanont said, “This has been a positive quarter for True. Since the middle of last year we have successfully grown revenues, controlled costs and reduced interconnection charges. The momentum of these measures has resulted in continued growth in Group revenue and EBITDA since Q308 with Q1 EBITDA approaching the record high set a year ago.”

“In addition, we have seen continued success within our convergence bundling packages despite the challenging economic environment. This has driven growth during Q1 in the TrueVisions and TrueMove post-paid subscriber base.”

Q109 net income from ongoing operations was stable Y-on-Y at Bt 227 million. A bottom-line loss of Bt 360 million included FX losses of Bt 379 million mainly from the mark-to-market of foreign currency loans. This represents a decline from the Q108 net profit of Bt 3.4 billion, which included a Bt 2.5 billion FX gain.

TrueMove’s performance continued along the upward trend that began in mid 2008. Service revenue, excluding IC, grew 2.8% Q-on-Q to Bt 5.9 billion, with EBITDA surging 38.1% to Bt 1.9 billion largely from revenue recovery, lower net IC payments and cost control.

Non-voice revenues grew strongly both Q-on-Q and Y-on-Y, up 6.0% and 17.1% respectively, largely on SMS services and content. Meanwhile, TrueMove captured roughly one third of market net adds in Q1 with almost 250,000 new users pushing total subscribers past 15 million. Post-paid subscribers grew strongly, up by almost 112,000 to pass 1 million.

TrueOnline service revenue was 1.8% higher from a year earlier at Bt 6.6 billion driven by continued growth in Broadband revenues which were up 11.8% Y-on-Y to Bt 1.3 billion. Broadband subscribers grew at a steady pace to 641,000. Premium packages enjoyed robust subscriber growth, creating an upward ARPU trend while expansion into key provincial markets will also help maintain Broadband momentum. New services such as International Direct Dialing (IDD) also contributed significantly to revenue growth.  On a Q-on-Q basis, service revenue was down 2.7% mainly due to the impact of the slower economy on traditional voice services such as fixed line and WE PCT.  

TrueVisions continued to enjoy mass market success with some 111,000 net additions in Q1 taking total subscribers to 1.58 million. Meanwhile, the rate of mass market subscribers upgrading to higher packages (upselling) rose to 34% from 30% in Q4. Q109 service revenue increased 4.8% Y-on-Y to Bt 2.4 billion largely as a result of the larger subscriber base.

True Group CFO Noppadol Dej-Udom said, “True’s financial position has been strengthened through its recent rights offering and local bond issue. We now have 11 billion Baht in cash on the balance sheet and our loan repayment schedule will match cash flow generated from operations. This will provide adequate comfort to deal with any economic uncertainty though we still remain committed to strictly controlling costs and spending.”

True’s debt level continues to decrease with Bt 1.4 billion repaid during Q1. The net debt-to-EBITDA ratio now stands at 3.0 times, from 3.8 times in Q4 helped by proceeds from the recapitalization and improved EBITDA.