Thaicom returns to Q3 net profit, beats forecasts - News

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Thaicom returns to Q3 net profit, beats forecasts

By: AFX | 11 Nov 2009 | 06:47 AM ET

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BANGKOK, Nov 11 (Reuters) - Thaicom PCL, Thailand's only satellite operator, reported a better-than-expected net profit in the third-quarter on Wednesday, helped by foreign exchange gains and higher revenues from its broadband satellite iPSTAR. Thaicom, 41.4 percent owned by Shin Corp, posted a net profit of 50.8 million baht ($1.53 million) in July-September, or 0.05 baht per share, turning around from a net loss of 115 million baht a year earlier. That was above an average net profit of 40 million baht forecast by five analysts surveyed by Reuters. Thaicom expects to launch a high-speed Internet service via iPSTAR in India in October and in China in the fourth quarter, and those two big markets should begin generating revenue by the end of this year. The company, which reported a net loss of 22 million baht in the first half of 2009, maintained its forecast that it would return to net profit this year. It reported 2008 net loss of 713 million baht. Before the results, Thaicom shares closed up 0.64 percent at 7.85 baht on Wednesday in a broader market up 1.37 percent. ($1=33.30 Baht) (Reporting by Arada Kultawanich) ((arada.kultawanich@thomsonreuters.com; +662 648 9732, Reuters Messaging: arada.kultawanich.reuters.com@reuters.net)) ($1=33.26 Baht) Keywords: THAICOM/RESULTS (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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