April 23, 2018 / 11:44 AM / 3 months ago

Thai telco DTAC's profit leaps on one-off gain, revenue decline continues

BANGKOK, April 23 (Reuters) - Thailand’s third-largest telcoms operator Total Access Communication (DTAC) reported a 474 percent jump in net profit on Monday, with a one-off provision adjustment masking falling subscriber numbers and revenue.

Total subscribers dropped by 10 percent and revenue fell for a tenth consecutive quarter, down 3.5 percent year on year.

First-quarter net profit of 1.31 billion baht ($41.6 million) beat a consensus estimate of 601 million baht by three analysts in a Thomson Reuters poll, lifted by the adjustment related to state-run CAT Telecom, reducing costs by 528 million baht.

The mobile operator said it plans capital expenditure of 15-18 billion baht this year and expects revenue from voice, data and roaming charges to remain constant.

DTAC expects an EBITA margin of 34-36 percent in 2018 and a dividend policy of at least 50 percent of net profits.

Norway’s Telenor Group owns 43 percent of DTAC.

DTAC shares closed 2 percent up, against a broader market decline of 0.6 percent. ($1 = 31.5000 baht) (Reporting by Chayut Setboonsarng Editing by David Goodman)

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