True Corp booked a higher net loss in the second quarter due to an increase in depreciation and amortisation expenses to support its nationwide 5G network rollout.
In its earnings release, the company explained a gradual economic recovery and reopening of Thailand to tourists were positive signs, but noted rising inflation put pressure on consumer spending.
True stated its mobile business registered solid subscriber growth, particularly for 5G services, but ARPU remained on a downward trend as the industry continued to experience intense competition, with low-tier unlimited data plans offered.
Mobile service revenue dipped 1.2 per cent year-on-year to THB19.9 billion ($561.9 million) and product sales grew 26.6 per cent to THB4.6 billion.
True Move added 2.4 million 5G subs to close June with 3.4 million out of a total of 33.3 million subscribers, with prepaid rising 3.3 per cent to 21.9 million and post-paid 8.6 per cent to 11.4 million.
Net loss increased 1.5-fold to THB761 million, while total revenue was flat at THB34.1 billion.
Broadband revenue was stable at THB7.3 billion and pay-TV sales declined 11.5 per cent to THB1.3 billion.