Thaicom Posts Q1 Profit of THB 330 million

Bangkok, Thailand, May 17, 2013 — Thailand-based satellite operator Thaicom posted a net income of US$11.08 million (THB 330 million) in the first quarter, up from US$1.41 million (THB 42 million) in the year-ago period equivalent to an increase by almost 300 percent.

Total revenues were US$64.18 million (THB 1.91 billion) versus US$61.15 million (THB 1.82 billion) a year earlier but sales and services income slipped to THB 1.77 billion from US$59.47 million (THB 1.78 billion). Gross profit totalled US$23.55 million (THB 701 million), up from US$20.23 million (THB 602 million) in the year-ago quarter.

The company’s core satellite operations contributed 86 percent of its total revenues of US$59.75 million (THB 1.774 billion) at US$51.94 million (THB 1.542 billion), while the net profit margin on its stand-alone performance rose from 3 percent in the first quarter of 2012 to 15 percent in the first quarter of 2013.

Thaicom is expected to launch its Thaicom 6 satellite using SpaceX’s services later this year. However, the company has also announced this week it will provide interim capacity before the launch, which could cause the launch to get pushed back to 2014.