Indosat: 1Q net profit down sharply on weak rupiah

23 Apr 2009

PT Indosat, Indonesia’s second biggest telecoms group by revenues, said first-quarter net income for the three months ended 31 March 2009 fell 82.4% year-on-year, impacted by the weakening of the local currency, the rupiah. The group reported net profit of IDR107.9 billion (USD9.9 million) in January-March, compared with IDR613.9 billion in the corresponding period of 2008. In a filing to the Indonesia Stock Exchange, Indosat reported its quarterly revenues climbed from IDR4.20 trillion to IDR4.45 trillion, although operating costs rose 63% y-o-y to IDR3.40 trillion. The company said it had 33.3 million subscribers as at 1 April 2009, a rise of 26.1% in the year.

Indonesia, Indosat Ooredoo Hutchison (IOH)