Telkom’s cellular operator subsidiary Telkomsel saw its digital business earning jump by 23.1 percent to Rp 58.24 trillion as mobile data consumption grows, while Telkom’s home internet provider arm IndiHome also recorded a 28.1 percent increase in its earning to Rp18.3 trillion last year.

“Our achievement in 2019 reflects that Telkom is on the right path in becoming a digital telecommunication company,” Telkom president director Ririek Adriansyah said in a statement on Tuesday.

Stocks of Telkom, traded at Indonesia Stock Exchange (IDX) under the code (TLKM), were down 2.77 percent at 2:04 p.m. on Wednesday while the exchange’s main gauge, the Jakarta Composite Index (JCI), was only down a marginal 0.04 percent. The stocks have fallen more than 13 percent over the past year, Bloomberg data show.

The company recorded 3.7 percent annual growth in its revenue to Rp 135.57 trillion last year, while its expenses fell by 1.2 percent to Rp 70,73 trillion.

Despite posting profit growth over the full year, the company’s net profit in the fourth quarter dropped by 42 percent year-on-year (yoy) to Rp 2.2 trillion and came in below the market’s consensus expectation, according to brokerage company Mirae Asset Sekuritas Indonesia.

“Despite mild top-line growth in the fourth quarter of 2019, we saw decreased earnings largely due to the combination of impairment loss on investment asset and higher operations and maintenance expenses,” read the research note issued Tuesday.

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