August 14, 2014 / 11:26 AM / in 4 years

Thai True Corp posts narrower net loss in second quarter

BANGKOK, Aug 14 (Reuters) - Thailand’s telecoms group True Corp Pcl said on Thursday its second quarter net loss decreased 46 percent from a year earlier due to improvement from operations and lower operating costs.

True Corp, 59 percent owed by Thai billionaire Dhanin Chearavanont’s Charoen Pokphand Group, posted a net loss of 1.7 billion thai baht ($53.36 million) versus 3.16 billion baht loss a year earlier.

The company is raising $2 billion equity issue, including a $881 million offer to sell a 18 percent stake to China Mobile Ltd and most of the proceeds will be used to repay debt.

At the end of March, True Corp had net debt of $2.66 billion, making it the third most in debt telecoms services in Southeast Asia, according to Thomson Reuters data. ($1 = 31.8600 Thai Baht) (Reporting by Khettiya Jittapong; and Tripti Kalro in Bangalore, editing by William Hardy)

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