Thai Shin Corp has Q4 loss, mobile business weak
22 Feb 2009 18:40:00 PST
BANGKOK, Feb 20 - Shin Corp , Thailand's leading telecoms group, reported a quarterly net loss on Friday due to lower profits at its mobile phone unit and a loss made by its satellite business.
Shin Corp, controlled by Singapore's Temasek Holdings [TEM.UL] through two Thai-registered companies, reported an October-December net loss of 342 million baht ($10 million), compared with a net profit of 730 million baht a year earlier.
The results were in line with a forecast of a 332 million baht loss by Kim Eng Securities.
For the whole of 2008, Shin made a net profit of 5.65 billion baht, more than five times higher than the 960 million baht a year earlier.
Shin Corp, valued at $1.6 billion on the Thai bourse, comprises more than 20 companies in the wireless, satellite, Internet and media sectors.
Advanced Info Service , Thailand's largest mobile operator with a market share of about 50 percent, contributes more than 80 percent of Shin's profit.
AIS, 43 percent owned by Shin Corp, reported a 92 percent fall in quarterly earnings due to the weak economy and a goodwill write-off for a subsidiary's network. [ID:nBKK181739] ($1 = 35.70 Baht)