XL Axiata H1 Net Profit Surges 87% on Higher Revenue

Indonesia Finance

Monday, 02 August 2010 12:50

PT XL Axiata Tbk (EXCL) said its net profit surged by 87% in the first half to Rp1.32 trillion in the first half, compared to Rp706 billion in the same period last year, supported by higher revenue.

It recorded net earning per share of Rp156, compared to Rp100 a previous year. The company said revenue rose 35% to Rp8.36 trillion, from Rp6.21 trillion in the first half of last year.

”Our gross revenue increased by 35% YoY to Rp 8.5 trillion and the total subscribers increased by 43% YoY to 35.2 million subscribers," Hasnul Suhaimi, XL's president director, said in a press statement issued on Monday.

He said the company's earning before interest, tax, depreciation and amortization (EBITDA) also grew by 73% YoY to Rp. 4.4 trillion while the EBITDA margin improved to 52% compared to 41% in the last year for the same period. The company booked operating profit of Rp2.48 trillion, higher than Rp749 billion in recorded in the first half of last year.

As of June 30, 2010, XL Axiata's assets totaled Rp27.5 trillion while liability amounted Rp17.36 trillion. The company made repayments of its debts totaling US$219 million and Rp900 billion in the first half using internal cash flow. By end of June, XL’s debt balance is Rp 11.4 trillion with net Debt/EBITDA of 1.3x.

In this competitive environment, XL has revised its 2010 guidance for the second time with expected revenue growth more than 20% and EBITDA margin around 50%.

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