Excelcom’s Q1 net profits double on sharp rise in subscribers

1 May 2008

Indonesia’s third biggest mobile operator by subscribers PT Excelcomindo (Excelcom) doubled its net profits in the first-quarter ended 31 March 2008 on the back of an 82% year-on-year rise in subscriber numbers to 18.4 million. The cellco, backed by Telekom Malaysia through Indocel Holding, posted net income of IDR368 billion (USD39.84 million) in the period under review, while revenues climbed 51% y-o-y to IDR2.7 trillion. In December 2007 Emirates Telecom (Etisalat) acquired a 15.97% equity stake in Excelcom from its founding firm, Rajawali Corporation, for USD438 million.

Indonesia, XL Axiata