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XL Axiata posts decline in profit

1st August 2012 | 1.624 Views
XL Axiata posts decline in profit
Hasnul Suhaimi. (ANTARA)
Jakarta (ANTARA News) - Publicly traded cellular phone operator PT XL Axiata Tbk (EXCL) reported a 4.07 percent fall on-year in net profit to Rp1.46 trillion in the first half of the year.

Hasnul Suhaimi, the president of the country`s third largest cell phone operator, attributed the decline in financial performance to increase in interconnection and direct dial costs.

Interconnection and direct dial costs reached Rp1.306 trillion or an increase of 70.4 percent year-on-year, Hasnul said here on Wednesday.

A high growth of 31.97 percent was also recorded in the company`s operating cost to Rp3.463 trillion, he added.

The company, which is owned by Malaysia`s Axiata Group, recorded foreign exchange gain of Rp192.883 billion in the year to June as against a loss of Rp38.378 billion a year earlier.

Its operating income rose 12.53 percent to Rp10.170 trillion with assets climbing to Rp34.261 trillion from Rp31.17 trillion

Earlier this year, the company secured a loan pledge of Rp3 trillion (US$333 million) from PT Bank Central Asia (BCA) to finance its capital expenditure and to refinance maturing debt this year.

Hasnul said part of the loan fund would be disbursed in the second and third quarters of this year to meet the requirement.

By the end of last year, the company had debts to banks totaling Rp9.25 trillion.

The shares of XL Axiata, which is listed on the Indonesian Stock Exchange (BEI), closed 0.8 percent lower to Rp6,150 in yesterday closing with 5,603 shares changing hands valued at Rp17.271billion.