Thailand's AIS Profits Down - Shuffles Management

Thailand's Advanced Info Service (AIS) has announced a one-third drop in its quarterly earnings, and announced a shake up of its management team. The company reported a second quarter profit of THB4.2 billion (US$124 million), down from the THB6.3 billion a year ago, although that was boosted by a one-off settlement with rival operator, TAC.

Quarterly revenues fell by 11% to THB25.2 billion, from THB28.34 billion a year ago.

AIS said that it added 320,000 net new subscribers during the quarter, mainly from rural markets. It ended the quarter with 27.9 million subscribers in total.

Looking ahead, the company warned that "for the second half of 2009 major challenges are on the demand side, which remains weak, with a renewed climb in oil prices, political uncertainty, and the prolonged impact of H1N1 influenza,"

The company also announced that its CEO, Vikrom Sripataks is to step down from the post, although he will take up the job of vice-chairman of the executive committee. He is to be replaced by the current company President, Wichian Mektrakarn. Deputy President Hui Weng Cheong will take over the role of chief operating officer. All the changes are with effect from next month.

Posted to the site on 14th August 2009