Thaicom Q2 lifted by sales and services
August 7, 2024
Thaicom has announced its financial results for Q2 2024. The Asian satellite operator reported revenue from sales and services of Baht 638 million (€16.42m) for the quarter, up from Baht 609 million in Q1 2024 (QoQ) and Baht 636 million in Q2 2023 (YoY).
This increase was mainly attributed to the revenue from satellite and related services that increased due to domestic clients. In addition, the utilisation rate for the Company’s conventional satellites providing services under telecommunication licences via THAICOM-7 and THAICOM-8, reached 62 per cent, demonstrating a consistent upward trend for four consecutive quarters.
The company reported a net profit of Baht 63 million in Q2, a decrease compared to Q1 2024 and Q2 2023 due to the net foreign exchange gains in Q1 2024 and the recognition of compensation with a business partner arising from a dispute settlement in Q2 2023. Core profit showed significant growth, reaching Baht 49 million, a 308 per cent increase from Q1 2024 (QoQ). This growth was driven by increased revenue from sales and services.