MNC will be Fine without TPI, Expert Says
15 April 2014 07:26 WIB
TEMPO.CO, Jakarta- Satrio Utomo, head of research from Universal Broker Indonesia, predicted that Media Nusantara Citra (MNC) Group's business will slightly decline if it loses Televisi Pendidikan Indonesia (TPI). However, the group's business is projected to remain stable.
According to Satrio, MNC will lose of assets and income. But that is not a problem considering MNC's biggest revenue comes from RCTI. "After this, the MNC will focus on boosting profits from RCTI and Indovision," he told Tempo yesterday.
The Supreme Court (MA) granted Siti Hardiyanti Rukmana's—also known as Tutut, daughter of former president Soeharto—appeal over TPI's ownership. "Since then, MNC's share price declined by by several percent," Satrio said.
Meanwhile, MNC's management remains confident that the company's business will not be disrupted if Tutut gets TPI back. MNC Group's finance director Jarod Suwahto said the revenue contributed by TPI—now called MNC TV—is not very significant.
"If we lose TPI, our total asset will still be around Rp8.84 trillion with a total liability of Rp1.42 trillion," Jarod told reporters on Friday. MNC currently has a total asset of Rp9.61 trillion with Rp1.87 trillion in liabilities.
In addition, Jarod said that the corporate profit will also not be affected much. MNC Group's net income reaches Rp6.52 trillion with a net profit of Rp1.69 trillion. "With TPIU gone, the company's net income will still be Rp4.92 trillion with Rp1.33 trillion in net profits," he said.
In the same occasion, MNC's attorney Hotman Paris Hutapea said the Supreme Court's ruling was wrong. According to Hotman, when the lawsuit was filed in 2010, the plaintiff sued the wrong party. "The owner of 75 percent stake in TPI in 2010 was PT MNC Tbk, the plaintiff who sued PT Berkah."
Through her attorneys, Harry Ponto and Judiati Setyoningsih, Tutut filed a subpoena to the directors of Citra Televisi Pendidikan Indonesia, demanding Berkah Karya Bersama to restore CTPI to its original state.
ALI HIDAYAT | FAIZ NASHRILLAH
