CAT Telecom expects to book 500 million baht in earnings before interest and taxes this year despite having no concession revenue.
Operating profit is seen rising to 2.3 billion baht next year.
President Kittisak Sriprasert said CAT expects to generate 38 billion baht in revenue this year, with 60% derived from the mobile business.
The state-owned company has been executing a turnaround plan to improve its financial status by 2017. The plan was approved earlier this year by the State Enterprise Policy Office.
CAT is gradually improving revenue from its own operations after the cabinet approved a 14.5-billion-baht plan to expand the new phase of third-generation (3G) mobile service under a CAT-True partnership.
Of the 14.5 billion baht, CAT will spend 12.5 billion on the transmission system and the rest to roll out a fibre-optic network.
The approved plan is to help CAT stand on its own in the long run.
CAT and True Corporation signed a series of wholesale-resale and network-rental deals in January 2011.
Under the partnership, True's BFKT (Thailand) subsidiary leases the 850-megahertz spectrum from CAT, while True provides 3G wireless broadband service. For the wholesale agreement, CAT sold the 850-MHz spectrum to True's Real Move subsidiary.
Meanwhile, CAT uses some of the bandwidth to provide its own retail service under the My brand.
In the past two years, CAT has yet to generate revenue from the project.
Mr Kittisak said he expects a solid improvement in the company's financial health in the year ahead.
In related news, the CAT board on Tuesday approved 58.5 billion for operating costs over the next three years.
Earlier, the board gave the company the green light to press legal action against the telecom regulator, which allowed CAT's 2G concessionaires, True Move and Digital Phone Co, to provide service for another year after their concessions lapsed this past Sept 15.
The CAT board approved 280 million baht to pay court fees and related costs for filing the case against the National Broadcasting and Telecommunications Commission (NBTC).
CAT wants the removal of regulations affecting its benefit plus 200 billion baht in damages from the NBTC.
The state telecom says it should be appointed to take care of existing subscribers during the transition period before they migrate to other networks.