XL buys back US$64M Notes

Third largest telco player PT Excelcomindo Pratama (EXCL) Tbk has purchased back US$64.6 million principal amount of the 7.125% Guaranteed Notes due 2013. Following the buyback, the aggregate principal amount of Notes outstanding is approximately US$59.43 million.

EXCL executed the buyback yesterday on SGX. EXCL issued US$250 million guaranteed notes in January 18, 2006. The company purchased back the bond with principal amount of US$122.3 million in June 2008, followed with US$3.6 million in April 2009. EXCL decided to buyback the Notes due to high withholding tax the company should pay. 

EXCL is controlled by Axiata Group Bhd through Indocel Holding Sdn Bhd (83.8%), Emirates Telecommunications Corporation (Etisalat) International Indonesia Ltd, a wholly owned subsidiary of Etisalat (16%), and public investors (0.2%).

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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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