CDMA-based operator PT Bakrie Telecom Tbk (BTEL), which just announced a tie-up with PT Sampoerna Telekomunikasi, today finally revealed a Rp782.49 billion net loss last year, a reversal from Rp9.98 billion net profit a year earlier.
The red bottom line was a result of operating loss, mainly driven by higher operating expenses and financing charges.
Bakrie Telecom suffered a Rp174.01 billion operating loss, a 191.20% drop from operating profit of Rp190.80 billion.
Operating expenses increased to Rp2.77 trillion from Rp2.57 trillion and financing charges rose to Rp767.92 billion from Rp475.26 billion.
The operator's net revenue slightly dropped 6.49% to Rp2.59 trillion from Rp2.77 trillion. Bakrie Telecom is controlled by PT Bakrie & Brothers Tbk (BNBR) with a 22.01% stake both A series and B series shares, while public shareholders own 77.99%.
Disclosure: No position at the stock mentioned above.
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