True Corp’s net loss due to financial costs

Thai quadruple-play operator True Corp (including True Move) has reported a year-on-year swing to a net loss of THB1.4 billion (USD45 million) in the third quarter of this year, compared with net profit marginally above THB1 billion in July-September 2010, which it blamed largely on higher financial costs. Total revenues across True’s fixed line, broadband, mobile and pay-TV operations climbed 19% to THB17.9 billion in Q3 2011, up from THB15 billion a year earlier; however, total costs jumped by 25% year-on-year to THB12.9 billion, up from THB10.4 billion, and financial expenses in particular leapt from THB40 million to THB2.3 billion in the three-month period. True Move (including new 3G venture True Move H) saw revenues excluding interconnection in July-September 2011 rise by 31% year-on-year to THB7.4 billion, although high costs of expansion and launching new commercial 3G offers, via its takeover of Hutch Thailand and partnership with state-run CAT Telecom, meant that cellular EBITDA dropped by more than 7% y-o-y to THB1.2 billion.

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OVETEL True Corp’s net loss due to financial costs