True Corporation Public Company Limited (SET: TRUE) has announced its 2Q24 consolidated financial statement through the Stock Exchange of Thailand as follows;
| Quarter | 2Q24 | 2Q23 |
| Net Profit (Loss) Million Baht |
-1,878.65 | -2,319.69 |
| Earning Per Share (Baht) |
-0.054 | -0.067 |
| % Change | 19.01 | |
| 6 Months | 6M24 | 6M23 |
| Net Profit (Loss) Million Baht |
-2,647.90 | -1,704.21 |
| Earning Per Share (Baht) |
-0.08 | -0.05 |
| % Change | -55.37 | |
TRUE reported a net loss of THB 1,879 million. Net loss after tax was negatively impacted by one-time effects of THB 4,277 million pertaining to impairment of assets related to network modernization. However, losses in this quarter were better than THB 2,919 million in 2Q23.
Normalized for one-time effects, Net Profit After Tax amounted to THB 2,398 million recording an improvement of THB 1,596 million from Q124. The improvement QoQ was driven by improvement in EBITDA and lower depreciation and amortization expenses.
For the second quarter of 2024, True Corporation recorded 5.7% YoY improvement in service revenue excluding IC, driven by strong performance management across its business segments. Mobile service revenue improved 5.2% YoY owing to blended ARPU increase of 3.9% YoY. Online service revenue increased 5.5% YoY driven by continued ARPU uplift of 9.6% YoY. PayTV revenue improved 7.0% YoY from higher music and entertainment while subscription revenue remains under pressure.
Consolidated total revenue of the company improved 4.4% YoY mainly driven by uplift in service revenue. Total operating expenses excluding depreciation and amortization declined 3.9% YoY normalized for one-time positive effects in Q223, mainly driven by achievement of synergies arising from the amalgamation.
Cash and cash equivalent amounted to THB 20,718 million, decreasing from THB 33,580 million at the end of 2023, mainly due to payment of capex, spectrum licenses and leases, along with repayment of borrowings.
Meanwhile, interest-bearing debt including lease liabilities amounted to THB 435,071 million at the end of the second quarter of 2024, decreasing by 2.0% from last year. Net debt to EBITDA (including lease liabilities) improved to 4.7x, with a reduction in Net Debt of THB 27,011 million from the previous year. Capital Expenditure (CAPEX) in Q224 amounted to THB 6,112 million.
