Oct 26, 2010

Indosat fully repays Rp640 bio bond

Indonesia's second largest cellular operator PT Indosat Tbk (ISAT) today reports that the operator has fully repaid the principal and outstanding interest on Indosat Bond III series B, issued in 2003.
The principal repayment of Rp640 billion and associated interest was made on October 22, 2010. The payments were executed through PT Kustodian Sentral Efek Indonesia.
In first 9 months of 2010, Indosat suffered 63.4% plunge bottom line on the back of rupiah appreciation against US$ and higher financing cost.
The operator posted Rp530.9 billion net profit by the end of the third quarter this year from Rp1.45 trillion a year earlier.
Despite lower net profit, the operator stayed at a positive growth on its EBITDA margin.  As of September 30 2010, Indosat's EBITDA margin rose 1.9% from 46.1% at the end of September 2010 to 48%.
EBITDA rose 12.6% from Rp6.33 trillion in the first 9 months of last year to Rp7.13 trillion.
Revenue increased 8.1% from Rp13.73 trillion to Rp14.84 trillion as of September 2010. At the end of September 2010, Indosat spent Rp4.34 trillion, less than Rp9.46 trillion a year earlier. Subscribers grew 40.9% from 28.2 million to 39.7 million in September 2010.

Disclosure: No position at the stock mentioned above.

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