Bimantara Q1 revenue up 65.6%

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)