THAICOM Reports 2011 Results

15 February, 2012.

THAICOM Public Company Limited released its full-year 2011 operating results, showing the growth momentum began in the second quarter picking up speed. 

The Company reported consolidated net operating profits for a second quarter in a row of 46 million Baht, an increase of 186.7% over the previous quarter’s consolidated net operating profit of 16 million Baht.  The overall performance for the year, with a net loss of 130 million Baht carried over from the first half of the year, on normalized business operations, was an 83.9% improvement over the previous year’s results, when a loss of 806 million Baht was recorded. 

A new Government policy reducing corporate income tax rates to 23% this year and to 20% in 2013, affected the company’s full-year accounting statement, with a net loss of 490 million Baht being posted due to the deferred tax adjustment of 360 million Baht. This is a one-time tax adjustment in accordance with IFRS accounting standards adopted by the Company earlier. 

“The momentum of our core business, satellites, has continued to swell, and we recorded three consecutive quarters of net profits for this segment of our operations,” said Suphajee Suthumpun, THAICOM ’s Executive Chairman and CEO.  “The performance of THAICOM 5 and IPSTAR has also helped us to two consecutive quarters of consolidated net operating profit.” Revenues from the company’s satellite and related services stood at 5.682 billion Baht for the year, an increase of 23.6% year-on-year. 

“IPSTAR services revenues improved by 59.1% year-on-year due to higher bandwidth usage in Japan, India, Australia, Malaysia and Myanmar,” Suphajee explained.  “It shows that we have a growth momentum going into 2012, and we will realize a full year of revenues from the major projects signed earlier in 2011 in Australia with NBN, and in Malaysia with MEASAT. It also shows us that our strategy to make the most efficient use of THAICOM 5 for conventional satellite service, and to focus more on bandwidth sales as opposed to retail sales for IPSTAR, is the right strategy moving forward. If everything goes according to the plan, we should see continued strong growth.”