Indonesia's Telkom revises profit
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JAKARTA, Indonesia (Reuters) -- Indonesia's biggest telephone company, Telekomunikasi Indonesia (Telkom), says it expects a re-audit of its 2002 financial accounts to decrease net profit by a maximum of five percent.
The figure is at the lower end of the company's previous estimate of between four and 20 percent.
State-run Telkom said in a statement Tuesday the audit would also result in a decrease in 2001 net profit by a maximum of 10 percent and a decline in 2000 profit of up to five percent.
The largest firm by market value on the Jakarta bourse was hit by accounting woes after U.S. regulators rejected Telkom's 2002 financial report because it did not recognise the auditor.
Accounting firm PricewaterhouseCoopers (PwC) is conducting the audit.
The statement also confirmed that Telkom expected to finish the audit by the end of January.
Some analysts have said Telkom's lingering accounting problems have dampened enthusiasm for the firm's shares, although they have risen 79 percent so far this year, beating the broader market's gain of 64.2 percent.
Telkom reported a net profit of 8.3 trillion rupiah ($982 million) for 2002, up from 4.3 trillion in 2001. In 2000, it recorded a net profit of three trillion rupiah.
Copyright 2003
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
