Thaicom Public Company Limited (SET: THCOM) reported a net profit of Baht 588 million for the first quarter of 2016, representing a 390% year-on-year (YoY) increase compared to the Baht 120 million earned in the same period of 2025.
The company’s total revenue reached Baht 958 million, climbing 29.5% from Baht 740 million in 1Q25. This growth was largely propelled by a surge in other income, which skyrocketed 110% YoY to Baht 505 million. A primary driver for this increase was the recognition of interest income stemming from a delayed withholding tax refund from the Revenue Department of India.
In contrast, revenue specifically from satellite and related services saw a 9.2% YoY decline, falling to Baht 453 million. Management attributed this decrease to lower demand in the broadcasting business. Despite this, the company’s core profit jumped 165.5% YoY to Baht 385 million, reflecting robust underlying profitability and improved cost management.
THCOM benefited significantly from macroeconomic conditions, specifically the depreciation of the Thai Baht against the U.S. dollar. Because much of the company’s revenue is denominated in U.S. dollars, this shift resulted in a net foreign exchange gain of Baht 221 million.
On the expenditure side, the company maintained disciplined control. Selling and administrative expenses dropped 12.1% YoY to Baht 174 million, primarily due to lower staff expenses and enhanced operational efficiency. The cost of sales and rendering of services also decreased by 4.3% YoY to Baht 358 million.
As of the end of 1Q26, the utilization rate for Thaicom’s conventional satellites (Thaicom 7 and 8) stood at 62%. Looking ahead, the company continues to expand its digital footprint, recently announcing an authorized distributor agreement with Amazon’s Low Earth Orbit (LEO) satellite network, Amazon Leo, to provide high-speed broadband services in Thailand.
