Bimantara Q1 revenue up 65.6%

The Jakarta Post, Jakarta

Publicly listed media and telecommunications company PT Bimantara Citra Tbk recorded a decline in profit during this year's first quarter, however its revenue increased significantly.

Finance Director Diono Nurjadin told reporters on Friday that the company's profit fell 16.20 percent to Rp 15.072 billion (US$1.59 million) in the January-March period from Rp 17.9 billion in the same period last year, despite a 65.6 percent increase in revenue.

"The profit decline was due to foreign exchange losses worth Rp 8.4 billion during the first three months of this year," Diono said. "By comparison, the company had a foreign exchange net gain of Rp 1.1 billion last year."

The revenue during the first quarter reached Rp 533.17 billion, as compared to Rp 380.70 billion in the corresponding period last year, he said after general and extraordinary meetings of the company's shareholders.

Bimantara is the soul owner of PT Media Nusantara Citra, which controls a 100 percent stake in Rajawali Citra Televisi Indonesia (RCTI), a 70 percent stake in Global TV, and a major share in Televisi Pendidikan Indonesia (TPI).

Diono said MNC, which focused its operation in multimedia and broadcasting businesses contributed 71 percent to the company's revenue in the first quarter.

Diono also said that Bimantara recorded a net consolidated profit of Rp 199.5 billion in 2004 even though it suffered operational losses of Rp 94 billion.

The company made a net consolidated profit last year due to the Rp 182 billion gained from its investment and the Rp 214.6 billion from the restructuring of subsidiary company PT Usaha Gedung Bimantara's debt," he said.

In 2003, Bimantara made a net consolidated profit of Rp 241.8 billion.

Diono explained the meeting agreed on the management proposal to distribute Rp 161.84 billion as dividends to shareholders.

The shareholders had an option of obtaining cash dividends of Rp 124.80 per share or a combination of 25 shares of subsidiary company PT Mobile 8 Telecom per 500 Bimantara shares and cash dividends of Rp 18.72 per share.

PT Mobile 8 operates in the telecommunications sector providing CDMA cellular services under the brand name Fren.

Diono said Mobile 8, which suffered an operational loss of Rp 369 billion, earned Rp 109 billion in revenue during the first quarter of this year, by far higher than rp 8.6 billion in the same period last year. (001)