True Corp more than doubled its 5G user base year-on-year in Q2, but a spike in expenses including merger integration costs resulted in a significant net loss.

The company stated 5G population coverage hit 90 per cent by end-June, with 8.3 million subscribers compared with 3.4 million in Q2 2022.

It stated 5G ARPU continued to be 10 per cent 15 per cent more than other technologies, mainly driven by device bundling.

Prepaid ARPU remained at THB104 per month and post-paid at THB416.

A net loss of THB2.3 billion ($67.4 million) compared with a profit of THB2.6 billion in Q2 2022, with revenue falling 8.8 per cent to THB49.1 billion.

True attributed the loss to a reversal of deferred tax assets on losses from a subsidiary, higher depreciation and amortisation expenses, and integration costs of about THB250 million.

It explained it benefitted from larger economies of scale, which optimised capex and resulted in savings of THB3 billion since the merger with Telenor unit dtac in March.

Mobile service revenue declined 2 per cent to THB31.8 billion.

Online sales were flat at THB5.8 billion and pay-TV dropped 4.7 per cent to THB1.6 billion.

Capex hit THB3.4 billion, with the full-year outlay expected to be between THB25 billion and THB30 billion.

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