JAKARTA - PT XL Axiata Tbk (EXCL) recorded a profit growth more than 25-fold, precisely 2557.16%, growing from Rp 57.19 billion in Q1 2019 to Rp 1.52 trillion in Q1 2020.
According to EXCL's interim financial statement, the company recorded 8.88% growth in revenue, rising from Rp 5.97 trillion in Q1 2019 to Rp 6.50 trillion in Q1 2020 and 12.29% decrease in infrastructure expenses, from Rp 2.32 trillion in Q1 2019 to Rp 2.03 trillion in Q1 2020. However, EXCL further noted a surprising 47.15% increase in depreciation expenses, from Rp 1.76 trillion (Q1/2019) to Rp 2.59 trillion (Q1/2020).
Overall, the company's expenses in Q1 2020 dropped Rp 973.40 billion (or 18.37%), or down from Rp 5.30 trillion (Q1/2019) to Rp 4.32 trillion (Q1/2020). However, the success was significantly helped by gain from tower sale and leaseback, which rose from Rp 105.72 billion (Q1/2019) to Rp 1.62 trillion (Q1/2020), explaining the 25-fold growth. (AC)