JAKARTA. PT Dayamitra Telekomunikasi Tbk (MTEL), a telecommunications infrastructure provider owned by PT Telkom Indonesia (Persero) Tbk (TLKM), posted a net profit of IDR 520.98 billion in the first quarter (Q1) 2024.

According to the financial report just released, MTEL's net profit in Q1 2024 grew 3.98% year-on-year (yoy) or from the same quarter last year. In Q1 2023, the company's net profit will only be IDR 501.02 billion.

This profit growth is in line with MTEL's revenue performance which reached IDR 2.2 trillion in Q1 2024. Revenue in this period grew 7.3% yoy or from Q1 2023 which was recorded at IDR 2.05 trillion.

Most of MTEL's revenue still relies on the telecommunications tower business line, with a contribution of IDR 2.07 trillion to total revenue. Meanwhile, income from other business lines was only IDR 134.23 billion.

PT Telekomunikasi Selular (Telkomsel) is still MTEL's main customer in Q1 2024, with a revenue contribution of IDR 1.15 trillion or 52.56%. Then revenue from PT Indosat Tbk (ISAT) was recorded at IDR 499.53 billion or 20.38%, and from PT XL Axiata Tbk (EXCL) it was recorded at IDR 272.66 billion or 12.36%.

According to idnfinancials.com data, MTEL's share price in the first trading session today was still at the level of IDR 585 per share. Since the beginning of the year, the company's share price has fallen 100 points or 14.60%. (KR/LM)