Indonesian mobile operator Excelcomindo (Excelcom) returned to profit in the first three months of 2006 thanks in the main to a substantial foreign currency exchange gain, the company said in a statement. The cellco, controlled by Telecom Malaysia, posted net profits of MYR345.6 billion (USD39.41 million), compared with a MYR3.3 billion loss in the corresponding period of 2005. A foreign exchange loss and financial charges pushed the company into the red last year. In Q1 2006, Excelcom reported a foreign exchange gain of MYR356 billion compared with a loss of MYR74.8 billion a year ago.
Excelcom said strong subscriber growth helped drive Q1 revenues, which were up 39% at MYR971 billion. At the end of March 2006 it had 8.2 million mobile subscribers compared with 3.3 million in Q1 2005, a market share of 16%. Operating profits were up 35% at MYR234.3 billion.