JAKARTA, July 29 (Reuters) - Indonesia's third-largest mobile phone operator, PT Excelcomindo Pratama Tbk EXCL.JK, reported on Tuesday its net profit soared 15-fold, after doubling its subscriber numbers and on foreign exchange gains. The company, 83.79 percent controlled by Telecom Malaysia (TLMM.KL: Quote, Profile, Research), said its subscribers jumped 124 percent to 22.9 million from a year ago.

Indonesia has a rapidly growing telecoms market where the number of mobile phone subscribers is expected to soar to 120 million by the end of 2008 from some 90 million last year.

However, increasing competition among operators and the entrance of new rivals is expected to push margins down.

Excelcom's net profit for the January-June period reached 631.3 billion rupiah ($69.25 million), compared to 41.04 billion a year ago, while its revenue climbed 59 percent to 5.84 trillion rupiah.
Emirates Telecommunications ETEL.AD holds a nearly 16 percent stake in Excelcom, leaving public ownership of less than 1 percent. ($1=9,116 rupiah)