Despite a recent plunge of stock prices on seven publicly listed firms under Bakrie Group, CDMA-based telephone operator PT Bakrie Telecom Tbk (BTEL) was the only stock experiencing the smallest fall. A robust first quarter financial report is the reason.
Bakrie Telecom posted a 406.81% jump in net profit during the first three months this year from Rp5.73 billion or Rp0.20 per share in the first quarter last year to Rp29.04 billion or Rp1.02 per share.
Bakrie Telecom booked Rp708.46 billion in operating revenue at the end of March 2010, a 7.63% rise compared to the same period last year of Rp658.24 billion.
The operator enabled to shrink operating expenses 3.40% from Rp585.22 billion in Q1 2009 to Rp605.12 billion in Q1 2010. In return, operating profit rose 41.54% from Rp73.01 billion in Q1 2009 to Rp103.34 billion in Q1 2010.
But, you should watch a ballooning financial charges from Rp45.27 billion in Q1 2009 to Rp84.61 billion in Q1 2010.
Bakrie Telecom also gained foreign exchange of Rp28.21 billion in Q1 2010 from the same period last year of foreign exchange loss of Rp14.19 billion.
The company on May 7 2010 issued senior notes worth US$250 million and guaranteed by Bakrie Telecom and two subsidiaries PT Bakrie Connectivity and PT Bakrie Network. The proceed will be used to repay Rp1.21 trillion loan to its loyal creditor Credit Suisse.
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