PT XL Axiata Tbk (EXCL), Indonesia's third largest cellular operator, reported a slight decrease in operating profit of 3.2% in the first half of this year. In return, operating margin was slashed.
XL Axiata booked Rp2.40 trillion operating profit in 1H 2011 from Rp2.48 trillion, resulting a lowered operating margin to 26.2% from 29.3%.
However, XL Axiata's revenue slightly increased 6.7% to Rp9.04 trillion from Rp8.47 trillion, while net profit rose 15% to Rp1.52 trillion from Rp1.32 trillion. The operator's subscribers grew 10.5% to 39 million from 35 million.
"XL 1H 2011 revenue is below our and consensus estimate. Although, voice revenue down to Rp4.2 trillion (-7%yoy), data VAS revenue surges to Rp1.5 trillion (+47%yoy)," said Mandiri Sekuritas in a note today.
Disclosure: No position at the stock mentioned above.
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