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ublicly listed telecommunication giant PT Telekomunikasi Indonesia (Telkom) reported modest growth during the first six months of the year in the domestic market that provides opportunity for data services as the number of SIM card holders have surpassed the population’s number.

According to a file submitted to the Indonesia Stock Exchange (IDX), Telkom reaped Rp 36.72 trillion (US$3.8 billion) in revenue during the January to June period of the year, a 6.8 percent increase compared to Rp 34.37 trillion during the same period last year.

“The increase was particularly due to growing income from data, Internet and information technology services as well as from its cellular business,” Telkom president director Arief Yahya said in a written statement.

Arief pointed out that income from data, Internet and information technology services rose 10.3 percent to Rp 12.74 trillion in the first semester of the year from Rp 11.55 trillion year-on-year. Income from its cellular business, which is run by subsidiary PT Telekomunikasi Selular, climbed 8.4 percent to Rp 14.67 trillion in the first half of the year compared to Rp 13.53 trillion in the same period last year.

Along with the increase, Telkom suffered from expenses rising 6.3 percent to Rp 24.8 trillion in the first six months of the year compared to Rp 23.32 trillion in the same period last year. Arief said that the increase was particularly due to interconnection expenses growing by 33.4 percent to Rp 2.13 trillion.

Telkom’s net profit stood at Rp 6.43 trillion in the first half of the year, a 8.2 percent increase versus Rp 5.94 trillion in the same period last year.

The company’s total assets were worth Rp 101.54 trillion. Its liabilities and equity were Rp 43.72 trillion and Rp 57.82 trillion respectively.

Shares in Telkom (TLKM) closed at Rp 9,050 on Monday, a 2.69 percent drop compared to Rp 9,300 last Friday. The company’s market capitalization reached Rp 182.4 trillion, the fifth largest on the bourse that had a total market capitalization of Rp 3,876 trillion on Monday.

The company has said that it aimed to report business growth at around 8 percent, above the industry, which is expected to rise by about 5 percent this year. Data traffic is expected to increase by about 40 percent on the back of the penetration of low-cost smartphones that hit the country.

As telecommunication companies perform investment and expansion to support growth in the data business, telecommunication tower operators seek gold from the attractive business.

A tower operator, PT Inti Bangun Sejahtera, is one of many companies trying to grab bigger shares from the growing telecommunication business. To support its expansion, Inti will raise fund between Rp 146.53 billion and Rp 308.5 billion from releasing 154.24 million shares, or about 15 percent of its enlarged capital, in an initial public offering this August. The company said on Monday that it would set its share price at Rp 950 to Rp 2,000.

“The share price is cheaper compared to our competitors already listed on the bourse,” Inti finance director Stefanus Sudyatmiko said.

Two other companies referred to are PT Sarana Menara Nusantara — whose shares were unchanged at Rp 16,500 on Monday — and PT Tower Bersama Infrastructure — whose shares closed at Rp 3,900, declining 1.89 percent from Rp 3,975 last Friday.