Bimantara's profit less than RCTI, drop 31%

Holding company PT Bimantara Citra Tbk, once the flagship of Soeharto family business, booked net profit of Rp135.99 billion last year, smaller than one of its subsidiaries RCTI (TV station) at around Rp146 billion.

The company's 2005 profit also decreased significantly by 31% from Rp199 billion in 2004, but it booked operating profit of Rp119 billion against operating loss of Rp94 billion in 2004.

Bimantara controls majority shares in three TV stations (RCTI, TPI, and Global TV) and some printed publication (Seputar Indonesia, Genie tabloid, and Trust magazine).
But the company is struggling with telecommunication business. Last year Bimantara planned to divest all shareholdings in Mobile-8 cellular operator. Sinar Mas Group reportedly had interest in acquiring Mobile-8 but later on pulled out. Recently Bimantara has been trying to sell some shares through initial public offering (IPO).
According to its financial report published this morning, Bimantara recorded total revenue of Rp2.276 trillion, increased significantly from Rp1.845 trillion in 2004. Bimantara has total asset of Rp7.42 trillion as of December 2005.
Bimantara has three core businesses: Media & Broadcasting, Transportation & Logistics, and Telecommunications. Meanwhile, subsidiary companies beyond the three core business lines were placed in Investments Portfolio.

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