Jakarta. Cellular operator Indosat (ISAT) reported a net profit of Rp 4.5 trillion ($287.3 million) for the fiscal year 2023, marking a slight decrease of 4.6 percent from the previous year.

This decline in profit occurred despite a 9.6 percent year-on-year rise in revenues, increasing from Rp 46.75 trillion to Rp 51.22 trillion, as indicated in the company’s filing on Wednesday.

Despite the overall profit dip, Indosat experienced robust growth in the fourth quarter, achieving a net profit of Rp 1.7 trillion during the last three months of 2023. This marked a significant 96 percent increase from the third-quarter profit of Rp 879 billion.

The total number of Indosat subscribers stood at 98.8 million in 2023. However, the company witnessed a decrease of around 3.4 million subscribers from the previous year, a trend attributed to the price increase of new SIM cards implemented early last year.