JAKARTA. PT Sarana Menara Nusantara Tbk. (TOWR) posted 27.8% year-on-year (yoy) increase in its revenue to IDR 11.03 trillion. However, swelled financial expenses caused the company to stunt, only securing shy growth of 0.43% yoy in its net profit.

The financial report of this Djarum Group’s issuer showed that its 2022 revenue soared to IDR 11.03 trillion from IDR 8.63 trillion in 2021. The surge was propelled by the revenue generated by PT Indosat Tbk (ISAT) that proliferated 219.9% yoy from IDR 1.28 trillion to IDR 4.12 trillion. PT XL Axiata Tbk (EXCL) also generated more, 31.39% yoy higher from IDR 2.47 trillion to IDR 3.25 trillion, followed by PT Telekomunikasi Selular or Telkomsel of 39.4% yoy increase from IDR 1.21 trillion to IDR 1.69 trilion.

After calculating 24.54% increment in its costs of revenue, TOWR’s gross profit soared to IDR 6.29 trillion to IDR 8.12 trillion, equivalent to 29.01% increase. However, the surge in financial expenses of 74.5% from IDR 1.37 trillion to IDR 2.39 trillion only brought the net profit of TOWR shifting 0.43% yoy from IDR 3.42 trillion to IDR 3.44 trillion.

These swelled expenses include bank interest fee that rose from DIR 1.04 trillion to IDR 1.87 trillion, as well as bonds’ interest fee from IDR 132.4 billion to IDR 307 billion and additional interest of outstanding lease from IDR 108 billion to IDR 131 billion. (AM/ZH)