PT Telkom reports 41% drop in net profit for third quarter

3 Nov 2003

PT Telekomunikasi Indonesia (PT Telkom), Indonesia’s largest provider of fixed line and cellular services, reported a drop in its third quarter net profit, despite strong revenue growth at its wireless business. The results were below analyst’s expectations as PT Telekom posted a net profit of IDR590 billion, 41% down year-on-year. However, the state-run telco was boosted by the performance of its majority-owned cellco Telkomsel, which controls more than half of the country’s mobile market and reported a 21% growth in revenues to IDR7.49 trillion.