Thaicom Public Company Limited (SET: THCOM) has announced its 3Q22 consolidated financial statement through the Stock Exchange of Thailand as follows;
THCOM reported a net profit of Baht 120 million in 3Q22, decreased 17% from a net profit of Baht 145 million in 3Q21, mainly due to an impairment of the satellite.
Revenue in the quarter was Baht 762 million, decreased by 17.7% YoY compared to a revenue of Baht 925 million in 3Q21, mainly due to the ramp-down of broadcast customers, together with the occasional service incurred during 3Q21.
The core profit was Baht 190 million, increased significantly at 950.1% compared with that of Q3/2021 (YoY) of Baht 18 million because of the structural change in operating cost after the concession ended, which resulted in decreases of satellite depreciation and concession fee.
However, net profit for the quarter showed a decline, which was due to the impairment of the satellite of Baht 259 million resulting from the general downtrend of the broadcast industry, together with the delay in applying foreign landing right license due to changes in the regulatory process, which caused the shift of transponder sales to be later than the original plan.