JAKARTA (Indonesia Today) – Investors were selling shares of PT XL Axiata Tbk (EXCL) this morning trade following its poor earnings result in the first quarter (Q1) of 2013.
The stock dropped 7.43% to Rp4,675 per share, lost 28% from its pick last year. While the Indonesia Stock Exchange (IDX) fell 0.27% to 5,047.98 in line with regional markets.
Growing doubts over the health of global economies pushed Asian shares lower on Thursday, adding to investor caution before the European Central Bank meeting later in the day that could see interest rates cut to support growth, Reuters reported.
XL Axiata reported its revenues grew by 3% in the period but operating profit tumbled by 39% to Rp649 billion. Its operating expenses grew by 15% to Rp4.37 trillion.
As a result, XL then reported net profit of Rp315 billion, dropped by 52% from Q1 of 2012. (hans@theindonesiatoday.com).