Thaicom Q2 revenue up 410%
August 8, 2023
Thaicom has announced its financial results Q2 2023. The satellite operator Thaicom reported net profit attributable to the owner of the company for Q2 of Baht 457 million (€11.92m), marking a 409.8 per cent QoQ increase net profit of Baht 90 million. Additionally, there was a 47.8 per cent increase compared to the net profit YoY of Baht 309 million.
The main reason was the recognition of the compensation with a business partner as other income of Baht 301 million arising from a dispute in the agreement. The company obtained an award in its favour in the arbitration overseas and this ruling was upheld by the highest court in June 2023. The company thus recognised the compensation as other income.
Total revenue for Q2 was Baht 1,124 million. It increased by 64 per cent compared with Baht 687 million in Q1 because the recognition of the compensation with a business partner as other income, gain in net foreign exchange, as the Thai baht depreciated against the US dollar and in Q1, the company saw an income from ground station (Gateway) management fees and other consulting fees. When compared with Q2 (YoY) of Baht 974 million, it increased by 15 per cent due to the recognition of the compensation with a business partner as other income.
On August 7th Thaicom announced the signing of a partnership agreement between Space Tech Innovation Limited (STI), a Thaicom’s subsidiary, and Eutelsat Asia. This partnership relates to the new satellite to be launched at the orbital slot of 119.5E. Under the agreement, Eutelsat is committed to lease and operate the service for 50 per cent of the satellite capacity during its lifetime of 16 years. Thaicom is currently finalising the procurement process of the satellite.
Thaicom’s new satellite is a new generation of broadband software-defined high-throughput satellites (HTS). Thaicom says it “will allow flexibility and instant reconfiguration to adapt dynamically the service areas and will provide a significant confidence boost for The Company’s valued customers and partners throughout Asia Pacific. The Software Defined HTS’s performance will assure an unparalleled quality of service to enable end-to-end service solutions.”