THCOM Public Company Limited (THCOM) has reported its yearly consolidated financial statement of 2019 through the Stock Exchange of Thailand as follows;
THCOM reported a consolidated net loss for 2019 of Baht 2,250 million, representing the loss per share of Baht 2.05. However, excluding the extra items, THCOM incurred a normalized net loss of Baht 432 million, whereas the normalized net profit for 2018 was Baht 82 million.
The decrease in 2019 was mainly from revenue drop, together with the extra expenses in total of Baht 1,818 million that consisting of a loss from asset impairment, sale of investment, foreign exchange, recognition of pass service cost and deferred tax assets.
THCOM’s consolidated revenue from sales of goods and rendering of services for 2019 was Baht 4,663 million, decreased 22.4% from Baht 6,008 million for 2018, mainly due to the decrease of revenue from satellite and related services as a result of average price per unit sold drop following the discounted yield provided to a major customer in Thailand for contract extension, together with churn of broadband customers. In addition, there was also revenue drop from internet and media services due to the sale of investment of Cambodian DTV Network Limited in Q3/2019.
THCOM also recognized the impairment of satellites and equipment in total of Baht 1,401 million. This was due to the slowdown of the satellite industry from the change in customer behavior, together with fierce competition, which caused the price per unit to drop further than expected. However, the impairment is considered a non-cash item and does not affect the cash management of THCOM.
In addition, THCOM will issue a dividend payment at ฿0.20/share on April 21, 2020. The ex-dividend date will be on February 25, 2020.