Telkom’s Net Profit Drops to IDR 11.76 Trillion, Here’s the Trigger

JAKARTA – PT Telkom Indonesia Tbk ( TLKM ) recorded a net profit of IDR11.76 trillion in the first half of 2024. This figure decreased by 7.76 percent from the same period last year of IDR12.75 trillion. Based on the financial report released on Monday (29/7/2024), TLKM managed to earn revenue of IDR75.29 trillion as of June 30, 2024, or grew 2.47 percent annually or Year on Year (YoY) from IDR73.47 trillion.

In detail, telephone revenue fell 37.49 percent to Rp3.56 trillion. Interconnection revenue contributed Rp4.84 trillion or increased 8.58 percent annually. Then data, internet and telecommunications services revenue reached Rp47.11 trillion. Next, network and IndiHome revenue contributed Rp1.53 trillion and Rp12.97 trillion, respectively.

Meanwhile, Telkom recorded operating, maintenance, and telecommunications service expenses of Rp19.46 trillion, up from Rp19.17 trillion. Meanwhile, depreciation and amortization expenses were Rp16.12 trillion, up from Rp15.94 trillion. Employee expenses were Rp9.48 trillion, up from Rp7.84 trillion. Furthermore, interconnection expenses were Rp3.54 trillion, up from Rp3.09 trillion. Telkom’s general and administrative expenses were Rp3.35 trillion, up from Rp3.33 trillion.

TLKM’s marketing expenses of Rp1.57 trillion decreased from Rp1.65 trillion. Unrealized losses from changes in fair value of investments of Rp857 billion, swelling 308 percent from the same episode last year of Rp412 billion profit. Telkom also earned revenue from other services of Rp564 billion, soaring 99 percent from the same position last year of Rp283 billion.

Revenue from contracts with customers reached Rp73.73 trillion and revenue from lessor transactions amounted to Rp1.56 trillion. Meanwhile, Telkom’s operating profit as of June 2024 reached Rp21.63 trillion. When compared to the same period in 2023, the amount decreased by 6.01 percent from Rp23.01 trillion.

In addition, the current period profit attributable to owners of Telkom’s parent entity reached IDR15.42 trillion in the first semester of 2024. This is down 8.32 percent from the position in the first semester of 2023 which was IDR16.82 trillion. On the other hand, Telkom’s total assets were observed to have shrunk from IDR287.04 trillion as of December 31, 2023 to IDR285.99 trillion as of June 30, 2024. Then the total liabilities of this state-owned issuer increased by 6.31 percent from IDR130.48 trillion as of December 31, 2023 to IDR138.71 trillion as of June 30, 2024.

(nng)