Corporate & Financial Headlines in Indonesia: Daily Market Roundup

• XL Axiata, one of Indonesia’s leading cellular service providers, targets digital services to contribute 5 percent to the company’s total revenues in 2014.

• Telekomunikasi Seluler (Telkomsel), subsidiary of Indonesia's largest telecommunication and network provider Telekomunikasi Indonesia, said it gained four million subscribers with the new Loop card. This card is specifically for children and young adults (12 to 19 years of age). The company targets to gain a total of 12 million new subscribers with this Loop card.  

• State-controlled Telekomunikasi Indonesia (Telkom) will set aside USD $200 million to help finance local start-up technology businesses in Indonesia.

• Kalbe Farma, Indonesia's and Southeast Asia's largest listed pharmaceutical company, plans to invest USD $50 million to finance business expansion into ASEAN in the next three years.

• Palm oil producer Golden Agri-Resources Ltd, the world's second-largest palm oil plantation operator by acreage, announced that the company’s net profit fell 40 percent (year-on-year) to a five-year low in Q2-2014 on poor performance in its palm oil refining and oilseeds units.

• Fast-moving consumer goods firm Matahari Putra Prima, subsidiary of conglomerate Lippo Group, lowered its 2014 target for new Hypermart outlets from 20 to 10 stores.

• Indonesia’s Industry Ministry will prioritize chemical and metal industries in an attempt to enhance development of domestic industry competitiveness ahead of the implementation of the ASEAN Economic Community (AEC) in 2015.

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