Telekomunikasi Improves in 1Q11 - Analyst Blog
May 16 2011 - 4:00AM
Zacks
P.T. Telekomunikasi
Indonesia Tbk. (TLK), the largest integrated telecom
operator of Indonesia, declared solid financial results for the
first quarter of 2011. Quarterly, total revenue was $1,918.6
million, up 2.1% year over year. This was primarily attributable to
the increase in Cellular revenue coupled with increase in Network
revenue and Other telecommunications services revenue.
Net income in the first quarter of
2011 was $438.3 million, up 0.6% year over year. Quarterly EPADS
(Earnings per American Depository Share) was 8 cents, up 1.5% year
over year. The Indonesian wireless services market is maturing
rapidly as several operators are offering more or less similar
services. Telekomunikasi competes fiercely with P.T.
Indosat Tbk (IIT) and P.T. Excelcomindo Pratama. Despite
this competitive pressure, management is at present expecting its
wireless subscriber base to reach 115 million in 2011.
Total operating expenses in the
first-quarter 2011 was $1,322.1 million, up 4.3% year over year.
This increase was primarily attributable to Personnel, General,
Administrative, and Marketing charges coupled with higher
operations, maintenance, and telecommunications services expenses.
Operating income in the reported quarter was $596.5 million, down
2.4% year over year.
Telekomunikasi generated $820.3
million cash from operations during the first-quarter 2011, up 2.3%
year over year. Free cash flow (cash flow from operation less
capital expenditure) in the reported quarter was $500.6 million, up
66.2% year over year.
At the end of the first-quarter
2011, Telekomunikasi had $1,295.1 million of cash & marketable
securities on its balance sheet compared with $1,081.5 million at
the end of fiscal 2010. Total debt was $1,720.2 million at the end
of the reported quarter compared with $1,809.4 million at the end
of fiscal 2010. At the end of the previous quarter,
debt-to-capitalization ratio was 0.20 compared with 0.27 at the end
of fiscal 2010.
Segment wise
Revenue
Fixed Lines revenue in the
first-quarter 2011 was $336.4 million, down 11.4% year over year.
Cellular revenue was $775.7 million, up 1% year over year.
Interconnection revenue was $97.2 million, down 19.5% year over
year. Data, Internet, & Information Technology Services revenue
was $626.1 million, up 14.4% year over year. Network revenue was
$35 million, up 9.9% year over year. Other Telecommunication
Services revenue was $48.1 million, up 58.3% year over year.
Subscribers
Statistics
As on March 31, 2011,
Telekomunikasi had a total of 27.041 million fixed line
subscribers, increasing 11.1% year over year. Out of the total,
wireline fixed line customers were 8.333 million, down 0.6% year
over year and wireless fixed line customers were 18.708 million, up
17.3% year over year Total Wireless subscribers base was 99.365
million, up 21.3% year over year. Out of this, postpaid wireless
subscribers were 2.165 million, up 5.8% year over year and prepaid
wireless subscribers were 97.200 million, up 21.6% year over year
ADSL (Speedy) subscribers’ base was 1.791 million, up 39.6% year
over year.
PT INDOSAT -ADR (IIT): Free Stock Analysis Report
TELEKOMUNIK-ADR (TLK): Free Stock Analysis Report
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