Mar 2, 2011

Indosat FY10 net income plunges 56.8%

Net income of Indonesia's second largest cellular operator PT Indosat Tbk (ISAT) last year dropped 56.8% to Rp647.2 billion compared with Rp1.5 trillion in 2009.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, President Director of Indosat Harry Sasongko said the decline in net income was caused by the decline of foreign exchange gain, higher financial charges as well as the increase in depreciation and amortization expense.
The company’s revenue during last year slightly grew 5.2% to Rp19.8 trillion compared with Rp18.82 trillion in 2009. The revenue from cellular business increased 12% while the revenue from non cellular dropped 16.7%.
Earning before interest, tax, depreciation, and amortization (EBITDA) increased 9.7% to Rp9.63 trillion compared with Rp8.77 trillion in 2009.
Meanwhile, the company’s loans in the end of 2010 dropped 5.5% to Rp24.06 trillion compared with Rp25.47 trillion in the same period 2009.
In the release, the company has made early settlement of loan facility to BCA amounted Rp1.3 trillion, while loan facility of DBS and Bank Mandiri worth Rp400 billion and Rp900 billion respectively.
Indosat also settled dollar denominated bond which matured last year as much as US$234 million and rupiah denominated bond matured in last year worth Rp640 billion.
Indosat spent Rp6.54 trillion of capital expenditure (capex) last year, shrank 38.9% from Rp10.69 trillion. Cellular subscribers rose 34.3% to 44.3 million from 33 million.

Disclosure: No position at the stock mentioned above.

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