Aug 30, 2010

Bakrie Telecom 1H net profit sinks 96%

Publicly listed CDMA-based operator PT Bakrie Telecom Tbk (BTEL)'s net income in the first half of 2010 sank 96.29% to Rp2.7 billion from Rp72.8 billion same period last year.
In the financial statement submitted to Indonesia Stock Exchange, the net income downfall was occurred because of higher financial burden for about 95.3% to Rp206.3 billion compared to last year first semester which was Rp105.6 billion.
In the second quarter of 2010, the company issued global bond for about US$250 million to refund their syndicated loan and capital expenses for Internet broadband wireless access (BWA) service.
Operating revenue rose 3.1% from Rp1.66 trillion to Rp1.72 trillion. Operating income in 2010's first half grew 10.1% or rose from Rp158.6 billion to Rp174.6 billion.
The increase was occurred because of smaller operating and maintaining expenses ratio, administrative, also sales and marketing revenue.
Besides operating income, EBITDA (earning before interest, tax, depreciation and amortization) also rose 17.7% from Rp613.8 billion to Rp722.5 billion. Thus, EBIDTA margin lifted from 36.8% to 42%.
At the end of June 2010, the CDMA subscribers reached 11.1 million or growth 24.7% from 8.9 million on last June. 

Disclosure: No position at the stock mentioned above.

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