XL Axiata, the country’s second-largest mobile operator, saw its bottom line slip into the red in the first half of this year due to rising costs and currency volatility, as well as its acquisition of the heavily indebted Axis Telekom Indonesia.
XL reported Thursday that it rounded up the first half with a net loss of Rp 482.52 billion (US$41.26 million). It was a steep fall compared with the Rp 670.43 billion net profit the company earned during the same period last year.