Following five consecutive years of losses, Thai-based satellite operator Thaicom Public Co Ltd registered a consolidated net profit of 173.9 million baht last year, according to the company’s year-end results for 2012 released last Thursday.

Profits for satellite operations increased by 265 per cent to 786 million baht, compared with a loss of 476 million baht in 2011.

“Our satellite operations are improving continually, and more than 86 per cent of our revenues now come from this sector,” Suphajee Suthumpun, CEO and chairman of the executive committee, said in a press release.

Thaicom’s Mfone, a Cambodian telecoms provider, is now reflected as “discontinued operation”. Net losses from discontinued operation increased 8.8 per cent to 508.4 million baht.

“Mfone... filed for insolvency with the court in Cambodia. The court is now considering the case. Once resolved, the company will no longer be carrying the losses from Mfone in 2013,” the release said.

Earnings per share rose to 0.16 baht compared with a loss of 0.45 baht in 2011.

Thaicom shares fell 2.8 per cent to 24.3 baht last Friday.

To contact the reporter on this story: Anne Renzenbrink at [email protected]