Sarana Menara (TOWR) has just released its full year 2013 results. It posted net profit of Rp169 billion only, crashed 51.3% from 2012. Competitor Tower Bersama (TBIG), meanwhile, reported net profit of Rp1.25 trillion, around seven times TOWR. Why TBIG reported significantly higher net profit than TOWR while their revenue growth was comparable?

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