Indonesia’s largest telecoms company by subscribers and revenues, Telekomunikasi Indonesia (Telkom), said its full-year 2008 unaudited profit fell nearly 20% – the worst drop in three years – largely the result of significant losses suffered on the foreign exchange markets. The operator’s net income fell to IDR10.3 trillion (USD957.9 million) from IDR12.86 trillion in 2007. In a statement, Sofyan Djalil, the state’s enterprises minister, declined to provide information on revenues for the year. Telkom’s unaudited results are in line with results posted by competitors such as Indosat, the country’s second largest telco, which saw its profit drop to IDR1.87 trillion in 2008 from IDR2.04 trillion in 2007. Meanwhile, third-placed Excelcomindo posted an IDR15 billion loss in 2008, reversing an IDR250 billion profit in 2007.