News From Telecom World

Indosat 9-month net profit up 1.4%

Posted on: October 22, 2008

PT Indonesia Satellite Corp., or Indosat, said in a statement Tuesday its nine-month net profit rose 1.4% on year, as an increase in operating revenue was slashed by higher operating costs.

Net profit for the January-to-September period rose to IDR1.47 trillion from IDR1.45 trillion a year earlier.

Total operating revenue rose 15% on year to IDR13.65 trillion from IDR11.88 trillion a year earlier.

Revenue from its cellular services in the January-to-September period rose 12% to IDR10.23 trillion from IDR9.15 trillion a year earlier.

Operating costs at the nation’s second-largest cellular company rose 19% to IDR10.32 trillion from IDR8.68 trillion in the same period of 2007.

Analysts said Indosat’s nine-month net profit figures were below their estimates between IDR1.5 trillion and IDR1.8 trillion.

“The result came below our expectation,” said Katarina Setiawan, head of research at Kim Eng Securities.

Setiawan said intense competition had pushed operating expenses up 19%.

She said Kim Eng Securities still recommends a “Buy” rating on Indosat.

Qatar Telecom, which is in the process of holding a tender offer for an additional 24.2% of Indosat, now owns 40.8%.

Source: Total Telecom

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