TRUE Posts Wider Third-Quarter Loss on Higher Expenses, Foreign Exchange Loss

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

Quarter 3Q22 3Q21
Net Profit (Loss)
Million Baht
(2,757) (603)
Earning Per Share
(0.08) (0.02)
% Change -357.37
9 Months 2022 2021
Net Profit (Loss)
Million Baht
(5,135) (1,483)
Earning Per Share (Baht) (0.15) (0.04)
% Change -246.34

In 3Q22, TRUE reported a consolidated net loss of Baht 2,757.06 million, representing a change of greater than 300% YoY, pressured by 12.5% YoY higher depreciation and amortization expenses to support 5G network and service expansion as well as foreign exchange loss of Baht 365.6 million, compared to a gain of 218.3 million in the same period last year.

Service revenue for the quarter was at Baht 26,199.4 million and product sales revenue was at Baht 5,236.5 million, increasing on positive response to the device campaigns and higher subscriber base amid continued pressure from the macroeconomic factors. EBITDA was Baht 14,367.8 million, flat YoY while growing 3.2% QoQ as operating expenses were well controlled. 

As of the end of the third quarter, 5G subscribers expanded to 4.5 million, driving the total subscriber base to 33.6 million.