TRUE Net Loss Widens in 2Q22 on Higher Service Expansion Costs

True Corporation Public Company Limited (SET: TRUE) has announced its 2Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;

Quarter 2Q22 2Q21
Net Profit (Loss)
Million Baht
(761) (299)
Earning Per Share (Baht) (0.02) (0.01)
% Change 20
6 Months 2022 2021
Net Profit (Loss)
Million Baht
(2,378) (880)
Earning Per Share (Baht) (0.07) (0.03)
% Change NM

TRUE reported a consolidated net loss of Baht 761.3 million in 2Q22, representing a change of greater than 20% YoY, driven by higher depreciation and amortization expenses to support 5G network and service expansion. 

Total revenue was Baht 34,054.8 million, growing 0. 8% from the same period last year, driven by higher sales of handsets while service revenue was stabilized QoQ but softened YoY given the prolonged macroeconomic and COVID19 pressure. 

EBITDA was Baht 13,920.5 million, declining YoY following lower service revenue. 


TrueMove H’ s service revenue picked up 1.3% QoQ to Baht 19,927 million in 2Q22 driven by its network strength, value-driven device campaigns and returning tourists while YoY was still pressured by macroeconomic factors and the prolonged COVID-19 impact on consumers’ spending. ARPU remained on a downward trend as the mobile industry continued to experience intense competition with low- tier unlimited data plans being offered. 5G acquisition, however, remained robust, increasing to 3.4 million subscribers, and drove TrueMove H’s total subscriber base to 33.3 million by the end of the second quarter.

TrueOnline’s broadband internet revenue was Baht 7,254 in 2Q22 supported by healthy subscriber growth, adding 95k net adds to 4.8 million, while ARPU declined along with the industries as low-tier price plans were deployed to attract new subscribers.

TrueVisions reported service revenue of Baht 2,231 million in 2Q22 with a key revenue stream from subscription, accounting for 58% of its service revenue while advertising revenue decreased along with sports seasonality of which new season will resume in Q3. TrueVisions ended the second quarter with a total customer base of 3.3 million and ARPU trending up to Baht 271.