Analisis Kinerja Keuangan PT Indosat, Tbk (Sebelum Masa Krisis, Selama Masa Krisis Dan Setelah Masa Krisis)

Toha, Mahmud (2007) Analisis Kinerja Keuangan PT Indosat, Tbk (Sebelum Masa Krisis, Selama Masa Krisis Dan Setelah Masa Krisis). Masters thesis, Universitas Terbuka.

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Abstract

The corporate performance shall been analyzed and the achievement must been measured to obtain description about the growth rate of the corporate and is match to the standard. One of tools to evaluate the corporate performance is by using trend analysis and financial ratio analysis. In this thesis, financial ratio analysis is focussed to the financial ratio trend of PT Indosat, Tbk namely liquidity ratio limited to Cash Ratio (CR), solvability ratio limited to Debt Equity Ratio (DER), profitability ratio limited to Return On Aset (ROA), Return On Equity (ROE), Gross Profit Margin (GPM), Net Profit Margin (NPM), and activity ratio limited to Collection Period (CP). Furthermore I will compare (i) financial performance of PT Indosat, Tbk before economic crisis (1994-1996), during economic crisis (1997-1999), after economic crisis (2000-2002) and (ii) the strategy of PT Indosat, Tbk to raise its performance during three periods. PT Indosat, Tbk''s liquidity in 1994 (before crisis) was very high, but in 1995 and 1996 was acquired decrease. However during crisis precisely the liquidity increase and after crisis the condition of liquidity decrease again. The solvability figure was stable since before crisis and during crisis, but after crisis the solvability ofPT Indosat, Tbk was increase. The profitability before crisis just increase in 1995. During crisis, precisely the profitability increase and after crisis the profitability tends to decrease. While the activity ratio before crisis and during crisis tends to be worst and after crisis activity ratio tends to be better. The most conspicuous strategy ofPT Indosat, Tbk before crisis was carried out Initial Public Offering (IPO). The performance of PT Indosat, Tbk during crisis has been better after the government raised the tariff oftelephone in Indonesia. While after crisis PT Indosat, Tbk changed its vision that is previously provided International Direct Calling services, but since 2000 the vision shift become provided cellular services. The strategy during the changes of the vision was by acquisition PT Satelindo and PT Lintasarta besides made limitation in capital expenditure and investment.

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