Indonesian mobile operator Excelcomindo (Excelcom), the third largest player in the market behind Telkomsel and Satelindo, says it returned to profit in 2006 thanks to FOREX gains and a strong operating performance. Excelcom exceeded market expectations, posting net profit of IDR651.9 billion (USD71.8 million), compared with a loss of IDR224.1 billion in FY2005. The operator’s 2006 net profit was 19% higher than the consensus poll of IDR545.6 billion forecast by Reuters Estimates. The figure was aided by a foreign exchange gain of IDR344.8 billion, compared with a loss of IDR362.3 billion previously. Excelcom’s operating profit climbed nearly 80% to IDR1.03 trillion while revenue rose 53% to IDR4.7 trillion. The cellco ended the year with 9.5 million mobile users, thanks to 2.5 million net new additions during the year. It aims to increase this to 15 million by end-2007.
Excelcom is a 59.67%-owned unit of Indocel Holding, itself a wholly owned subsidiary of Telekom Malaysia International Limited. Excelcom’s other shareholders are: the Malaysian government’s investment holding arm, Khazanah Nasional Berhad (16.81%); PT Telekomindo Primabhakti (15.97%), a subsidiary of Rajawali Corporation; AIF (Indonesia) Limited (7.38%), a British Virgin islands registered company which operates under the management of Hong Kong-based private fund AIF Capital; and employees and public (0.17%). Excelcom has a market capitalisation of USD1.8 billion.