Thaicom released its full-year 2011 operating results, showing the growth momentum in the second quarter picking up speed.
The company reported consolidated net operating profits for a second quarter in a row of 46 million baht ($1.5 million), an increase of 186.7% over the previous quarter’s consolidated net operating profit of 16 million baht ($518,000). The overall performance for the year, with a net loss of 130 million baht ($4.21 million) carried over from the first half of the year, on normalized business operations, was an 83.9% improvement over the previous year's results, when a loss of 806 million baht ($261 million) was recorded.
A new government policy reducing corporate income tax rates to 23% this year and to 20% in 2013, affected the company’s full-year accounting statement, with a net loss of 490 million baht ($15.8 million) being posted due to the deferred tax adjustment of 360 million baht ($11.6 million). This is a one-time tax adjustment in accordance with IFRS accounting standards adopted by the company earlier.
“The momentum of our core business, satellites, has continued to swell, and we recorded three consecutive quarters of net profits for this segment of our operations,” said Suphajee Suthumpun, Tahicom executive chairman and CEO.