Indosat (ISAT IJ) 1Q09 results, comment from Wilianto
Indosat (ISAT IJ) 1Q09 result comes in line with expectation. Revenues were up 5% yoy, Ebitda flat, and Ebit up 2% yoy. However, net profit fell sharply (-82%) due to non operating expense (FX loss). Indosat has only release the highlight of its unaudited 1Q09 result and more details will be available after the limited review result available in one month time. Note that the qoq comparison show weakness due to seasonality as 1Q is the weakest quarter (post peak season).
Total subscribers were lower at 33.3m (vs. 36.51m at YE08 and 26.4m in 1Q08) as Indosat no longer interested to fight for marginal customers since 4Q08. The focus is now to provide a good quality of service to paying customer that will not only provide traffic volume but also revenues/profit instead of customers that chasing free minutes and put a lot of stress to its network with very marginal profitability.
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