Jul 26, 2011

Sarana Menara returns profit in first half

Telecommunication tower provide PT Sarana Menara Nusantara Tbk (TOWR) reported a 764.83% jump in net profit in the first half of this year on the back of increase in revenue and decrease in financial charges.
Sarana Menara posted Rp257.09 billion net profit in 1H 2011 from Rp38.67 billion net loss a year earlier. Financial charges narrowed to Rp231.48 billion from Rp556.36 billion.
Operating profit rose 19.25% to Rp417.19 billion from Rp349.84 billion. The operator booked Rp772.27 billion revenue, a 16.19% increase from Rp664.64 billion,
Sarana Menara is owned by children of two siblings of Djarum family's namely Michael Bambang Hartono and his younger brother Robert Budi Hartono.
Martin Basuki Hartono, son of Robert Hartono, is currently acting as the president commissioner at Sarana Menara. Michael Hartono owns 24.55% stake in Sarana Bersama through PT Caturguwiratna Sumapala and Robert Hartono owns 25.55% stake in Sarana Bersama through PT Tricipta Mandhala Gumilang.
 
Disclosure: No position at the stock mentioned above.
 
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