Thaicom Public Company Limited (SET: THCOM) reported a near break-even net loss of THB 0.9 million in the third quarter of 2025 (3Q25), marking a sharp turnaround from the THB 562 million loss recorded in 3Q24.
The significant improvement was largely driven by a dramatic reduction in foreign exchange losses, which plunged from THB 565 million in 3Q24 to only THB 1 million in 3Q25.
However, the company continued to face top-line pressure, as revenue from sales and services declined 19% YoY to THB 500 million, down from THB 614 million in 3Q24. The drop was primarily attributed to the expiration of the USO Phase 2 project and slower market demand for conventional satellite services.
Thaicom’s core profit—which excludes unrealized FX gains/losses and special items—fell 79% YoY to THB 7 million from THB 29 million in 3Q24.
Excluding non-satellite segments and losses from its telecommunications business, the core satellite operations delivered a profit of THB 21 million, underscoring the segment’s relative resilience.
Despite lower revenue, Thaicom achieved notable cost management improvements:
- Cost of sales decreased 15% YoY
- Selling, General and Administrative (SG&A) expenses dropped 12% YoY, and
- Other income surged to THB 18 million, representing a 1,700% YoY increase, mainly from gains on customer deposit write-offs.
Additionally, the share of loss from joint ventures improved by 52% YoY to THB 16 million, despite continued currency headwinds from the Lao Kip’s depreciation against the U.S. dollar.
