Thailand-based True Corp highlighted cautious consumer spending, a slow macroeconomic recovery and fierce competition pressuring ARPU during the opening quarter as taking a toll on revenue.
In its earnings release, True noted purchasing power was weakened by rising inflation and an increase in Covid-19 (coronavirus) cases.
Total revenue was flat at THB35.1 billion ($1 billion) and net loss grew from THB581 million in Q1 2021 to THB1.6 billion due to higher depreciation and amortisation costs related to its 5G and fibre network buildouts, and a spike in forex losses to THB452 million.
Mobile service revenue fell 1.3 per cent to THB19.7 billion, with handset sales falling 16.8 per cent to THB5.7 billion.
True added 2.5 million 5G subscribers to end March with 2.6 million.
Post-paid subscribers increased 9.8 per cent to 11.2 million and prepaid 2 per cent to 21.4 million.
Broadband revenue rose 1.8 per cent to THB7.3 billion and pay-TV dropped 8.1 per cent to THB2.4 billion.Subscribe to our daily newsletter Back