Thailand-based True Group narrowed its loss in Q2 2021 on cost-cutting initiatives and a double-digit increase in post-paid subscribers driven by strong uptake of new 5G service plans.

The operator revealed cost and productivity measures gained traction, resulting in an 8.2 per cent year-on-year reduction of operating expenses excluding depreciation and amortisation.

In a statement, True noted the post-paid market was healthy and intense prepaid competition, with fixed-speed, unlimited data packages offered on low-tier plans with no change to pricing.

Net loss of THB298.5 million ($8.9 million) was down from THB624 million in Q2 2020 due to a foreign exchange loss of THB205 million. Service revenue was flat at THB26.6 billion, with Covid-19 (coronavirus) continuing to pressure consumer spending, particularly in the prepaid and pay-TV segments.

Mobile service revenue remained at THB20.2 billion and device sales fell 8.5 per cent to THB3.8 billion. Its subscriber base grew 5.1 per cent to 31.7 million, fuelled by 16.5 per cent growth in post-paid to 10.5 million. It ended June with 1 million 5G users.

Its broadband business increased 3.6 per cent to THB9.7 billion and pay-TV revenue dropped 9.9 percent to THB2.4 billion.