True Corporation announced a net profit of THB 2.0 billion for the second quarter of 2568, marking its second straight quarter of profitability. The company’s normalized profit, which excludes one-off items, was THB 4.2 billion.
According to CEO Sigve Brekke, the company’s performance remained stable despite a challenging economy and a one-time network outage. He highlighted that True’s recent acquisition of additional spectrum has strengthened its network, positioning the company for future growth and the deployment of new digital services.
The company’s subscriber base saw a decline, with mobile subscribers dropping by 2.9 million, or 5.8%, year-on-year to 47.5 million. However, online subscribers increased by 2.3% to 3.8 million, and 5G subscribers reached 14.7 million.
Despite a 0.6% drop in service revenue (excluding interconnection revenue), CFO Nakul Sehgal noted that operating expenses were down by 8.0% year-on-year. This was driven by lower network costs and a 12.4% reduction in selling, general, and administrative expenses from synergy realization and organizational modernization.
True’s EBITDA for the quarter improved by 2.6% year-on-year to THB 25.0 billion, with the EBITDA margin to service revenue at 60.8%.
Due to economic headwinds and the network outage incident, True has revised its guidance for the full year of 2568, now expecting flat to 1% growth in service revenue. However, the company projects EBITDA to improve by 7-8% and expects to remain profitable for the entire year.
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