Aug 22, 2010

Indosat redeems US$234 million notes

Indonesia's second largest GSM-based cellular operator PT Indosat Tbk (ISAT) has paid US$234 million guaranteed notes maturing this year.
According to Indosat Corporate Secretary S. Auliana, Indosat has made notes redemption on August 10 2010 using proceed of US$650 million bonds issuance which will mature in 2012. The company also plans to pay another US$109 million which will due in 2012.
Indosat suffered a steep drop net profit by 71.5% during the first half this year despite a slight growth revenue.
In a public statement submitted to Indonesia Stock Exchange (IDX) last week, Indosat posted Rp287.1 billion net profit in 1H 2010 from a year earlier of Rp1 trillion. But, Indosat hasn't yet explained more detail the reason why it suffered a steep drop net profit. 
Indosat President Director Harry Sasongko said EBITDA increased 6.7% from Rp4.32 trillion in 1H 2009 to Rp4.61 trillion, sending a slight growth in EBITDA margin from 47.3% to 47.7%. Indosat's revenue rose 5.8% from Rp9.13 trillion in 1H 2009 to Rp9.66 trillion in 1H 2010. 

Disclosure: No position at the stock mentioned above. 

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