PT Bakrie Telecom Tbk (BTEL), CDMA-based cellular operator, suffers significant decreased of net profit by 89.86% last year.
In the financial report that recently published, Bakrie Telecom posted Rp9.98 billion net profit in 2010 compared to Rp98.44 billion in 2009.
The decreased net profit resulted by the increase of operating expenses by 4.47% while net revenue only grew 0.73%. Bakrie Telecom’s operating income also sank by 31.68% to Rp190.80 billion from Rp279.26 billion.
The operating expenses of Bakrie family-controlled operator through PT Bakrie & Brothers Tbk rose 4.47% to Rp2.57 trillion from Rp2.46 trillion.
Net revenue increased 0.73% to Rp2.76 trillion from Rp2.74 trillion. Revenue from prepaid segment increased to Rp3.04 trillion from Rp2.99 trillion.
However, revenue from postpaid telephone services shrank by 19.49% to Rp98.59 billion from Rp122.46 billion. At the end of 2010, Bakrie & Brothers controlled 21.06% shares of Bakrie Telecom while public owned 78.94% shares.
Disclosure: No position at the stock mentioned above.
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