PT MNC Investama Tbk (BHIT), formerly known as PT Bhakti Investama Tbk, saw its first nine month net income declined by 95 percent, despite its revenue soared.

BHIT, controlled by media mogul Hary Tanoesoedibjo, booked 26.6 billion rupiah net income in January-September period, according to the financial report submitted to the Indonesia Stock Exchange on Friday. That compared to 510.1 billion rupiah in the corresponding period last year.

The report showed that direct costs rose 25 percent to 4.49 trillion rupiah.

In details: BHIT’s general and administrative expenses up 16 percent to 1.73 trillion rupiah; finance cost increased 59 percent to 526 billion rupiah.

The report also mentioned the company booked “other losses” of Rp 766.4 billion, a swing from gains of Rp 251.7 billion in a year ago period.

Meanwhile, revenue increased by 21 percent to 8.42 trillion rupiah. The bulk of BHIT’s revenue mainly comes from content and advertising based media, which accounted for 59 percent of consolidated revenues equal to 4.95 trillion rupiah.

Other smaller contributors were subscriber based media business, which gave 2.23 trillion rupiah in revenue and contributes to 26 percent to the total revenue; financial services (600.18 billion rupiah) and mining contributed (415.28 billion rupiah).

“Content and advertising based media through PT Media Nusantara Citra Tbk (MNCN) continued to demonstrate strong performances,” BHIT said in a press release distributed to the media in Jakarta on Friday.

“The three Free-to-Air TV  stations in Indonesia (RCTI, MNC TV and Global TV) boosted advertising revenues by 11% (if revenues from Euro 2012 was excluded, advertising revenues rose by 16 percent in January-September),” it added.

BHIT claimed MNCN has maintained its leadership in FTA TV with a 42% audience share during prime time. 

“Despite the challenges in Indonesia’s ongoing economic and capital market situation, the company remains confidence in increasing shareholders values supported by good corporate strategies, sound corporate actions, financial management discipline and outstanding results from all of its operating subsidiaries,” Tanoesoedibjo said in the statement.

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