Hai,
Melihat dari keuntungan telkom yang diperoleh akhir-akhir ini kebijakan "price ceiling" memang diperlukan. Kebijakan untuk mendatangkan kompetitor baru memang bisa dilakukan namun, menurut hukum ekonomi hanya dalam periode waktu yang cukup lama baru itu dapat dilakukan (in the long run - entry to market is feasible). Lebih-lebih, sepertinya telkom belum siap untuk dihadapkan pada sebuah (atau banyak) kompetitor. Analisa untung-rugi (cost-benefit analysis) sepertinya perlu dilakukan dahulu sebelum regulator kita membolehkan adanya kompetisi dalam industri pertelekomunikasian di Indonesia, dan dapat kita maklumi proses analisa ini dapat memakan waktu cukup lama. Silahkan simak sebuah artikel yang saya forward dari The Wall Street Journal.
Henry
Telkom's 1998 Net Rose 1.5%
Despite Foreign-Exchange
Loss
Dow Jones Newswires
JAKARTA, Indonesia -- Market leader PT Telekomunikasi Indonesia on Wednesday announced a 1.5% increase in its 1998 full year net profit to 1.169 trillion rupiah ($113 million) from 1.152 trillion rupiah in the previous year.
Analysts had predicted Telkom's earnings to range from 768 billion rupiah to 1.2 trillion rupiah for the year.
"The slow growth of net income was caused mainly by the substantial size of interest expense and (net) loss on foreign exchange, which amounted to 981 billion rupiah and 965 billion rupiah respectively, resulting from the depreciation of the rupiah," Bambang Suselo, Telkom's corporate secretary, said in a statement.
Revenue rose 12% to 6.6 trillion rupiah from 5.909 trillion rupiah, while operating profit increased 2.9% to 2.6 trillion rupiah from 2.526 trillion rupiah.
Earnings per share rose to 125.21 rupiah (11.3 cents) from 123.44 rupiah, while earnings on American depositary receipts increased to 2,504.29 rupiah from 2,468.79 rupiah. One ADR is the equivalent to 20 common shares.
Telkom's total foreign exchange loss was 1.644 trillion rupiah, which was offset by a 342 billion rupiah foreign exchange gain. The company charged 965.49 billion rupiah to its income statement.
For its income statement, the company used a rupiah exchange rate of 9,100 rupiah to the dollar, compared with 8,550 rupiah last year. In 1998, the rupiah sank to all-time lows at 17,000 rupiah to a dollar.
At the end of 1998, Telkom's long-term debt position increased with rupiah loans swelling 12% to 4.899 trillion rupiah. Loans in dollars rose 34% to $367.1 million from $273.7 million, while borrowings in yen increased 31% to 114.15 billion yen from 10.79 billion yen last year.
Capital expenditure increased on year to 4.485 trillion rupiah from 4.258 trillion rupiah, of which 3.131 trillion rupiah was spent on the expansion of Telkom's fixed line network. The remainder was invested for "quality enhancement and new business and technology development."
In 1998, Telkom installed 288,779 new lines of switching capacity and 594,895 new lines of outside plant. Telkom and its joint-operating partners had 5.57 million lines in service at the end of the year, consisting of 3.301 million lines in regions controlled by Telkom.
Net additional lines in service fell 26% to 589,178 from 796,436 last year. Last year 272,712 subscribers canceled their subscriptions, 37.7% of which were business subscribers.
Due to the renegotiations of the revenue-sharing agreement with Telkom's joint-operating partners in June, revenue from the plan fell 3.3% to 1.592 trillion rupiah from 1.646 trillion rupiah last year.
