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XL profit falls in Q3 as tower sale income dries
Telco company XL Axiata saw its profit drop by 51 percent to Rp 1.01 trillion (US$70.86 million) in the January to September period, from Rp 2.07 trillion a year earlier.
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A pedestrian uses his smartphone while walking on a sidewalk in Jakarta on February 28, 2019, past an advertisement for one of Indonesia's top three mobile operators, XL Axiata.
(AFP/Bay Ismoyo)
P
ublicly listed PT XL Axiata, one of the biggest telecommunications firms in Indonesia, saw its net profit drop in the third quarter this year, dragged down by falling gains from tower sales.
XL Axiata's latest financial report shows that net profit dropped 51 percent year-on-year (yoy) to Rp 1.01 trillion (US$70.86 million) in the January to September period this year.
The company reported a slight increase in its revenue to Rp 19.80 trillion, up 0.73 percent from the same period last year, buoyed by higher data consumption.
“We see good numbers in a tough quarter that was impacted by the COVID-19 Delta surge in July,” XL Axiata chief executive Dian Siswarini said during a press conference on Wednesday.
“This result is due to good traction of our product in the market, supported by improved network performance.”
During the first nine months of the year, the privately owned telco company saw an additional 1.2 million subscribers, bringing the total to 57.9 million subscribers, according to XL Axiata's presentation material to investors.
However, gains from tower sales and leasebacks fell by a sixth to Rp 313.29 billion as of the third quarter.
