Indosat enjoys more income, but books less profit
Telco PT Indosat Tbk (ISAT) recorded a net revenue of Rp 19.79 trillion (US$2.25 billion) last year, a slight increase of 5.2 percent compared to the corresponding period in 2009, thanks to higher revenue from its cell phone business.
Its income from the cell phone business grew by 12.1 percent, amounting to Rp 16.03 trillion, Indosat reported Wednesday.
However, the company’s revenue from non-cell phone business slipped 16.7 percent to Rp 3.77 trillion, from the same period in 2009.
Indosat also enjoyed bullish growth in cell phone subscribers to 44 million from 33 million previously.
Indosat president director Harry Sasongko said despite the higher revenue, his company had seen a reduction in net profit, which slumped to Rp 647.2 billion, a 56.8 percent drop from Rp 1.49 trillion previoulsy, amid ballooning expenses.
“Our profit downturn was a result of decreasing profit to foreign exchange, higher funding expenditure, bigger depreciation and amortization,” Harry said, as quoted by tempointeraktif.com.
Last year, the company sped up the repayment of its debts to Bank BCA, amounting to Rp 1.3 trillion, Bank DBS Rp 400 billion and Bank Mandiri Rp 900 billion.
It also paid off bonds worth US$234 million due in 2010, the initial payment of another US dollar-based bond due in 2012 amounting to $109 million, and Rupiah-based bonds due in 2010 worth Rp 640 billion.
With all these payments, Indosat's total debt now stands at Rp 24.063 trillion.
Harry said his company's performance had shown improvement despite looming tighter competition in the fourth quarters last year.
The increase of the underlying earnings before interest, tax, depreciation and amortization (EBITDA), he said, also reflected progress in its cost-efficiency program.
The company recorded an increase in EBITDA by 9.7 percent to Rp 9.625 trillion.
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