Bakrie Telecom (BTEL) and SmartFren (FREN), controlled by Sinarmas Group, reported net loss of Rp317 billion and Rp652 billion respectively in the first half of 2014. Bakrie Telecom’s capital deficiency worsened 31.5% as a result, but SmartFren had its equity grew 11.4%, thanks to Rp1 trillion of mandatory convertible bonds issued in the period.

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