Asia Plus Securities is revising down True Corp Plc's 2012 loss forecast, following bigger-than-expected quarterly losses and poor outlook of its cable TV business.
In a research note, the securities house said that the 9-month loss is equivalent to the house's annualised loss forecast. Asia Plus forecasted a loss of Bt4.4 billion this year, against the Bt5.4 billion loss last year.
It foresees the continuity in high expenses in the 3G business as well as partial loss of customers in the cable TV business.
TrueMove is expected to amortise the 3G license cost by Bt900 million per annum in the next 15 years. Next year, it also needs to invest Bt8 billion in the network, as required by the National Broadcasting and Telecommunications Commission.
TrueVisions now risks losing some customers as it lost the bid for the 3-year English Premier League broadcasting right. In the third quarter, its advertising revenue went up by Bt241 million from the previous quarter thanks to Academy Fantasia and English Premier League.
"We're approaching the management, to get information on the damage forecast," Asia Plus said.
In the third quarter, True Corp showed the net loss of Bt1.8 billion, down 15 per cent from the previous quarter. Without the foreign exchange of Bt246 million, the normalised loss could have hit Bt2 billion.
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Article source: http://www.thethailandlinks.com/2012/11/16/loss-of-epl-right-exacerbates-true-corps-problem/
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