MFONE majority owner Thaicom said the Cambodian teleco’s subscriber numbers increased 5 percent year-on-year in the first quarter, despite fierce competition in the sector.

Mfone subscribers in the first three months of 2011 totalled just over 698,000, up 4.9 percent from the same period last year, according to first quarter earnings figures released late last week.

Meanwhile, Thaicom’s first-quarter revenues from its telephone divisions – which also includes Lao Telecommunications Company – fell to 321 million baht (US$10.6 million) from 452 million baht, or 29 percent, in the first quarter of 2010.

Its results came in the face of a difficult business environment for mobile providers in the Kingdom, the firm said.

“Currently, there are 9 mobile operators in Cambodia, leading to a price war and intense competition in the market, and a decline [in] revenue per minute usage,” the statement said.

Thaicom also said the rising value of the baht against the US dollar – the currency in which Mfone reports its financial statements – lowered its revenues presented in baht.

But compared to the prior quarter, telephone revenue was up by 8 million baht, or 2.6 percent, Thaicom said.

Mfone officials could not be reached for comment yesterday.

Thaicom closed on Friday on the Stock Exchange of Thailand at 8.10 baht (US$0.267), near its 52-week high of 8.90 per share.