[Satellite TODAY 05-16-13] Thaicom’s momentum continues to move forward as the company’s latest financial results demonstrate. The company had net profits in the first quarter of 2013 of 330 million Baht ($11.11 million), an increase by almost 300 percent compared to the same stage last year. The company’s core satellite operations contributed 86 percent of its total revenues of 1.774 billion Baht ($59.75 million) at 1.542 billion Baht ($51.94 million), while the net profit margin on its stand-alone performance rose from 3 percent in the first quarter of 2012 to 15 percent in the first quarter of 2013. Several factors have led to the improved performance. The company is no longer impacted from losses of Mfone operations in Cambodia, which has been a factor in recent years.

 

       The results were in line with expectations, according to Therapong Vachirapong, a media equity analyst at Phatra Securities. “The result accounts for 26 percent of our full year 2013 estimate and of consensus estimate,” he said.

 

       The operator is expected to launch its Thaicom 6 satellite using SpaceX’s services later this year. However, the company has also announced this week it will provide interim capacity before the launch, which could cause it to get pushed back to 2014.

 

        “Realizing the needs of our customers, we have acquired an interim satellite to provide services at 78.5 degrees east orbital slot well ahead of the launch of Thaicom 6,” Suphajee Suthumpun, Thaicom’s CEO said in a statement.

 

       Vachirapong said the demand on Thaicom 6 is likely to be strong.“Pre-launch sales of Thaicom 6 have now reached 60 percent (against our assumption of 50 percent and breakeven point of 30 percent) with domestic supply in high demand from FTA channels as a result of the ‘must-carry rule’ and also from content and platform providers. Moreover, although the launch of Thaicom 6 will be postponed for 1-2 quarters to 4Q13 or 1Q14, Thaicom has found an interim satellite to operate during that period and the revenue generated is enough to compensate for the extra cost from using another satellite,” he said.