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Shin
Corp 2007 profit falls 72%
Reuters
28 Feb
08
http://www.reuters.com/article/rbssTechMediaTelecomNews...
Slump
due to losses on investments in media, other areas
Shin
Corp, Thailand's largest telecoms group, said yesterday its 2007
net profit slumped 72 per cent due to losses on investments in
the media and consumer finance businesses.
Shin Corp, in
which Singapore's Temasek Holdings holds a significant stake
through two Thai-registered companies, reported a 960 million
baht (S$44.6 million) net profit, down from 3.41 billion baht in
2006.
Two analysts surveyed by Reuters had forecast a
2007 net profit of 0.4-3.0 billion baht. Kim Eng Securities said
it expected Shin Corp to make a net profit of 6.8 billion baht
this year.
The company had a net profit of 730 million
baht in the fourth quarter of 2007 compared with a net loss of
1.27 billion baht a year earlier, according to a Reuters
calculation.
Shin Corp, valued at US$2.9 billion on the
Thai bourse, comprises more than 20 companies in the wireless,
satellite, Internet and media sectors with Advanced Info Service
(AIS) contributing more than 80 per cent of profits.
AIS
operates Thailand's largest mobile phone network with about 50
per cent market share and contributed 6.89 billion baht profits
in 2007, down 0.7 per cent, Shin Corp said.
Shin Corp
booked a 1.38 billion baht loss from the sale of its consumer
finance unit Capital OK and a gain of 407 million baht from
selling its stake in budget airline Thai AirAsia, the statement
said.
Shin Corp sold its wholly owned Capital OK in the
fourth quarter last year after it sold Thai AirAsia in June in a
divestment of non-core assets.
It also booked a loss of
2.45 billion baht from its media business in 2007 after the
government took over the operating licence of its 53 per
cent-owned subsidiary, ITV, in March.
After the earnings
announcement, Shin Corp shares were unchanged at 29.75 baht at
0320 GMT, when the overall Thai stock market was up 0.44 per
cent.
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