Telco operator XL Axiata (EXCL) booked a net profit of Rp371.59 billion in 2020; it dropped 47.9% from Rp712.58 billion in 2019, as depreciation expenses jumped 71.4% to Rp12.4 trillion from the previous Rp7.3 trillion. The Company’s revenue grew 4% to Rp26 trillion driven by data, but expenses rose 9.5% to Rp23.38 trillion. Gain from tower sale and leaseback reached Rp2.06 trillion, compared to Rp422.87 billion only a previous year. XL’s finance costs increased 18% to Rp2.6 trillion.
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