Thaicom's FY 2011 revenues rise 8% on satellite business

Thailand-based satellite operator Thaicom posted full year revenues of THB 7.25 billion, up 8.3 percent from THB 6.70 billion in 2010 due to an increase in revenue from the satellite business, offset by decreases in revenue from the telephone business and the internet and media business. Revenues from the company's satellite and related services stood at THB5.68 billion, up 23.6 percent as Ipstar revenues increased on higher bandwidth usage. Telephony revenues were THB 1.17 billion in 2011, down 19.7 percent year-on-year. Cambodian unit Mfone is experiencing intense price competition and decreasing number of subscribers and ARPU. Lao business LTC is also facing increased competition, resulting in a drop in telephone subscribers and ARPU this year. However, the Lao Ministry of Post, Telecommunication, and Communication (MPTC) has controlled the mobile phone tariffs and disallowed free-airtime promotions to customers since Q3. This resulted in higher ARPU and higher mobile phone revenue in the second half of last year. Telephony revenues were also impacted by forex losses. Revenue from internet access and media services in 2011 was down by 37.6 percent to THB 405 million due to lower Dtv satelite dish sales in Thailand and Cambodia. However, internet revenue generated by LTC was higher following an increase in the number of subscribers, while internet revenue generated by Mfone was lower in 2011. Thaicom's EBITDA went up 45.7 percent to THB 2.86 billion and the net loss was reduced to THB 490 billion versus THB 806 billion last year due to a new government policy reducing corporate income taxes.