Cellular phone operator PT Excelcomindo Pratama expects to maintain its annual revenue growth rate at more than 20% through to 2010, driven by a consistent increase in subscribers, despite an increasingly competitive market, its president director said.
In fiscal year 2007, that growth is set to be even higher at 25% to 30%, Hasnul Suhaimi told Dow Jones Newswires in an interview.
In the first half of the year, Excelcom's revenue grew 28% to Rp3.7 trillion, from Rp2.9 trillion a year earlier, after the company added 1.8 million subscribers to bring its total subscriptions to 10.3 million.
About 28% of the population has a cellular phone, providing plenty of room for growth over the next three years, analysts said.
"Compared to other neighboring countries, which have an average penetration rate of above 50%, I think Indonesia's cellular industry still has robust growth prospects," Suhaimi said.