Smartfren's Q1 losses balloon to IDR1.77tn

5 Jun 2020

Struggling Indonesian mobile operator PT Smart Telecom (Smartfren) reported a net loss of IDR1.77 trillion (USD125.22 million) in the first quarter of 2020, significantly higher than the loss of IDR424.66 billion it booked in 1Q19. In a filing to the Indonesia Stock Exchange (IDX), Smartfren noted that revenues in the three-month period increased 41% year-on-year from IDR1.41 trillion to IDR1.99 trillion. The company said data services generated revenue of IDR1.8 trillion in January-March 2020, while non-data services contributed IDR105.8 billion, interconnection IDR24 billion, and ‘other’ the remainder. Operating losses, meanwhile, were reined in from IDR714.00 billion in the year-ago quarter to IDR432.16 billion in 1Q20. The under-pressure cellco attributed the spike in first-quarter net losses to foreign exchange losses, which according to IndoTelko reached IDR1.20 trillion.

Indonesia, PT Smart Telecom (Smartfren)