True Corporation Reports Second Consecutive Quarter of Profitability in Q2 2025

Brickinfo News Agency – True Corporation Plc. has announced a net profit after tax of THB 2.0 billion for the second quarter of 2025, marking the second consecutive quarter of profitability for the company. The results were driven by ongoing operational efficiencies and synergy realization following the amalgamation with DTAC. While total revenue saw a decline, primarily due to a network outage and other factors, the company reported a normalized profit of THB 4.2 billion for the period after excluding one-off items. True’s EBITDA also improved, with the company’s leverage ratio decreasing from the previous year.

Mr. Sigve Brekke, Group Chief Executive Officer of True Corporation, stated, “The financial performance of the second quarter remained stable amidst a challenging macroeconomic backdrop and one-time incident, with True Corporation delivering its second consecutive quarter of reported profit, upholding promises to our stakeholders.” He also noted that the company’s recent acquisition of additional spectrum in June has strengthened its portfolio, which will be used to enhance network capacity and support the deployment of digital services. Looking ahead, Brekke said the company is committed to “driving transformative growth by focusing on operational excellence, exploring new business growth models, and reinforcing our market leadership.”

The company’s mobile subscriber base declined by 2.9 million, or 5.8% year-on-year, to 47.5 million. The company attributes this to a focus on building a healthy subscriber base by reducing promotional offers and to the declining macroeconomic situation in Thailand. Conversely, online subscribers grew by 2.3% year-on-year to 3.8 million, and 5G subscribers reached 14.7 million.

Mr. Nakul Sehgal, Co-Chief Financial Officer of True Corporation, provided additional details, noting that a “one-time network outage incident” adversely impacted mobile service revenue, leading to a 0.6% year-on-year decline in service revenue (excluding interconnection revenue). Total operating expenses, however, declined by 8.0% year-on-year, with network costs down 7.0% due to lower electricity tariffs and savings from network modernization. Selling, general, and administrative expenses (SG&A) also declined by 12.4% due to synergy realization from organizational modernization.

The company’s management has revised its guidance for the full fiscal year 2025, expecting to achieve flat to 1% year-on-year growth in service revenue (excluding interconnection and domestic roaming revenue with NT). EBITDA is now projected to improve by 7-8% for the full year, while the CAPEX guidance remains unchanged at THB 28-30 billion. True Corporation’s management anticipates the company will remain profitable for the entire year on a reported basis.