Thaicom reports 2019 results

Thaicom Public Company Limited (THCOM), satellite operator, announced its yearly financial results ended 31 December 2019.

The Board of Directors meeting no. 3/2020, dated 5 February 2020, approved proposing to the shareholder’s meeting for approval of the dividend for 2019 of Baht 219 million, or equivalent to Baht 0.20 per share.

THCOM reported revenue from sales and services for 2019 of THB 4,663 million, down by 22.4% from 2018 mainly due to the decrease of revenue from satellite and related services because of customers churn. Most of the churn occurred during the first half of 2019, following by utilization stabilizing during the second half with new customers filling-in.

The Company’s net loss for 2019, excluding extra items recognized during the year, i.e., the loss from satellite impairment, the sale of investment and foreign exchange, was THB 432 million, while the total net loss reported for 2019 was THB 2,250 million.

The extra items includes the impairment of the satellites in total of THB 1,623 million as the results of (1) the Thaicom 5 satellite malfunction causing THCOM to migrate its customers to other satellites and (2) the slowdown of satellite industry from the change in customer behavior, together with fierce competition causing the yield drop further than expected. However, the impairment is considered a non-cash item and does not affect the cash management of the Company. THCOM had remaining cash of THB 5,703 million as at the end of 2019.

The overall utilization rate as at the end of 2019 of the Company’s conventional satellites, the Thaicom 5, Thaicom 6, Thaicom 7 and Thaicom 8, was 55%, decreased from 59% as at the end of 2018, mainly due to churns on clients during Q1/2019. The utilization was rather stable from Q2/2019 onwards. For broadband satellite, the Thaicom 4, the utilization rate was 23%, down from 30% as at the end 2018, mainly from the ramp down and churn of customers.

Lao Telecommunications Co., Ltd. (LTC), Thaicom’s telecommunication and mobile service provider subsidiary in Lao PDR, reported total mobile subscribers (excluding fixed wireless) of 1.42 million. The country’s leading mobile network operator reported a market share of 55.3%.

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