Smartfren Records Rp24.98 Billion Net Profit in Q1 2022

PT Smartfren Telecom Tbk (FREN) reported a net profit of Rp24.98 trillion in the first quarter of 2022. This is a significant turnaround from the same period in the previous year, when the company recorded a net loss of Rp396.82 billion.

Citing the company's report, FREN recorded operating revenue of Rp2.67 trillion, an increase of 11.30% compared to Rp2.40 trillion in the same period last year.

In the same period, FREN recorded operating expenses of Rp2.54 trillion, up from Rp2.49 trillion in Q1 2021. As a result, the company was able to achieve operating profit of Rp136.55 billion, a significant improvement from the Rp80.41 billion loss in Q1 2021.

Smartfren also successfully reduced other expenses to Rp232.3 billion from Rp415.34 billion in Q1 2021. Therefore, the loss before tax was recorded at Rp95.74 billion, lower than Rp495.75 billion in Q1 2021.

The company's assets were recorded at Rp43.98 trillion as of March 2022, a slight increase compared to the end of December 2021 at Rp43.36 trillion.

The company's liabilities as of March 2022 were recorded at Rp31.3 trillion, up from Rp30.7 trillion at the end of December 2021. Meanwhile, equity was recorded at Rp12.67 trillion, a slight increase from Rp12.65 trillion at the end of last year.

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