Metrodata 3Q profit up

JAKARTA (JP): Publicly listed information technology company PT Metrodata Electronics announced on Friday a net profit of Rp 32.9 billion (about US$4.7 million) for the third quarter, as compared to a net loss of Rp 86.9 billion in the same period last year.

The company attributed the turn around to the stabilizing of the rupiah exchange rate against the U.S. dollar, allowing it to significantly reduce its foreign exchange (forex) loss incurred on the company's U.S. dollar denominated debts.

This year's third quarter forex loss stood at Rp 14.3 billion, compared to Rp 131 billion during the same quarter last year, the company said.

Revenues rose by 26.9 percent year on year to Rp 417.3 billion, but gross profit declined by 15.2 percent year on year to Rp 78.9 billion because of the strengthening of the rupiah against the greenback. (udi)