Associates Bolster Bimantara

However, the results failed to lift the shares, as investors remain wary of firms related to the presidential family in the aftermath of anti-government riots.

Bambang Trihatmodjo holds a controlling stake in Bimantara Citra, which has its core business in media and broadcasting, and interests in telecommunications, vehicles and petrochemicals.

A disappointing figure for total revenues was offset by revenues from associated companies -those in which Bimantara holds less than a 20 per cent stake - which more than doubled to Rp22.7 billion. Total revenues increased by 5.3 per cent to Rp325 billion, while some analysts had projected growth of as much as 15 per cent. ''The top line on revenues may be a little bit surprising but it should not be interpreted as a slowdown in business,'' said an analyst.

 

Associated companies include Satelindo, the satellite telecom firm which competes with state-controlled Indosat in providing direct internal call services. Bimantara did not give a breakdown of performance for each unit.