Thaicom Public Company Limited (SET: THCOM) has announced its 3Q24 consolidated financial statement through the Stock Exchange of Thailand as follows:
| Quarter | 3Q24 | 3Q23 |
| Net Profit (Loss) Million Baht |
-561.90 | 113.60 |
| Earning Per Share (Baht) |
-0.5100 | 0.1000 |
| 9 Months | 9M24 | 9M23 |
| Net Profit (Loss) Million Baht |
211.44 | 659.77 |
| Earning Per Share (Baht) | -0.19 | 0.60 |
THCOM reported a net loss of Baht 561 million in 3Q24, a sharp plunge from a net profit of Baht 113 million in 3Q23. The decrease was primarily attributed to temporary foreign exchange fluctuations, stemming from the strengthening of the Thai baht and resulting in a loss from FX at the amount of Baht 564 million. This surge in the baht’s value has adversely impacted Thailand’s exports, including the Company, which derives a significant portion of its revenues internationally.
Despite the challenging environment, the company generated a core profit of Baht 29 million, which experienced a substantial 53% YoY increase compared to Baht 19 million in Q3/2023. This was primarily due to a significant decrease in the share of loss from investment in joint ventures. Excluding the impact of foreign exchange fluctuations, the core business operations remained profitable and demonstrated strong performance. In Q3/2024, the Company’s satellite business generated Baht 68 million in core profit excluding share of profit/(loss) from telecommunications business, exceeding normal core profit by Baht 39 million. This underscores the core business’s robust profitability.
The consolidated revenue from sales of goods and rendering of services for Q3/2024 was Baht 614 million, decreased by 3.8% from Baht 638 million in Q2/2024(QoQ) due to decreased revenue from satellite and related services from domestic customers. When compared with Q3/2023(YoY) revenue from sales of goods and rendering of services decreased slightly by 1.4%.
Meanwhile, revenue from satellite services and related offerings in Q3/2024 reached Baht 595 million, representing a 7.0% QoQ decrease from Baht 640 million in Q2/2024 and a 2.6% YoY decrease from Q3/2023. This was mainly attributed to the transitional period of the Universal Service Obligation (USO) contracts with the National Broadcasting and Telecommunications Commission (NBTC) as this transition follows the completion of USO Phase 2 leading into USO Phase 3.
