TRUE Loss Hit THB1,600 Million in 1Q22 on Higher Depreciation and Amortization

True Corporation Public Company Limited (SET: TRUE) has announced its 1Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 1Q22 1Q21
Net Profit (Loss)
Million Baht
(1,617.1) (581.4)
Earning Per Share
(0.05) (0.02)
% Change (178)

In 1Q22, TRUE reported a net loss of THB1,617 million, an increase from a net loss of THB581 million in the same period of last year. This was a result of foreign exchange loss of THB452 million, increased from a loss of THB581 million in the same period last year driven by higher depreciation and amortization as well as interest to support 5G network expansion and spectrum license payments.

Total revenue was THB35,138 million in the first quarter, flat (-0.8%) from the same period last year as higher sales of handsets offset softened service revenue given macroeconomic and COVID-19 pressure. EBITDA was THB14,074 million, stabilized (+0.1%) YoY as cost optimization continued to deliver positive results.

Depreciation and amortization expenses increased 12.6% YoY to THB12,117 million following network expansion, which continued to strengthen the group’s network quality and coverage, as well as license amortization. Operating profit declined to THB1,957 million as a result.