Excelcomindo operating profit drops 41%

Third largest cellular provider PT Excelcomindo Pratama (EXCL) Tbk reported net profit of Rp706 billion in H1 2009, higher by 11% from the same period last year, but mainly due to gain in forex translation and leasing.

EXCL reported net service revenue of Rp6.2 trillion, increased 7% from the same period last year. But its operating expenses surged 21% to Rp5.46 trillion, mainly to significant increase in infrastructure costs.

As a result, EXCL booked operating profit of Rp749 billion, slashed 41% from the same period last year. Due to its huge debts, interest expenses also surged 65% to Rp713 billion in H1 2009. Lucky that the company reported Rp425 billion gain in forex translation plus gain of Rp463 billion from leasing transaction.

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