UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13 a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of           October           , 20 08

Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA

(Translation of registrant’s name into English)

Jalan Japati No. 1 Bandung-40133 INDONESIA

(Address of principal executive office)

[Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.]

Form 20-F þ     Form 40-F o

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934]

Yes o     No þ

[If “yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-          ]

Enclosure: 2007 Annual Report of Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA

TABLE OF CONTENTS

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned, thereunto duly authorized.

	Perusahaan Perseroan (Persero) PT TELEKOMUNIKASI INDONESIA
	(Registrant)
Date      November 3, 2008	By	/s/ Harsya Denny Suryo
	(Signature)
		Harsya Denny Suryo Vice President Investor Relation & Corporate Secretary

PRESS RELEASE

No.TEL.305/PR110/COM-10/2008

TELKOM INCREASES SUBSCRIBER GROWTH
AMID HIGH COMPETITION

Jakarta, October 31, 2008 — Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk. (“TELKOM” or the “Company”) (IDX: TLKM; NYSE: TLK; LSE: TKID) has submit its un-audited Financial Statements for the nine months period ended September 30, 2008 to the Capital Market Supervisory Agency (BAPEPAM), which consists of Consolidated Balance Sheets, Consolidated Statement of Income, Consolidated Statement of Changes in Equity and Statement of Cash Flows prepared in accordance with Generally Accepted Accounting Principles in Indonesia.

On September 30, 2008, the Company’s Total Asset increased by Rp.9,238 billion or 12.03% as compared to prior year from Rp76,785 billion to Rp83,023 billion.

In the third quarter of 2008, the Company recorded an increased in Operating Revenues by Rp.953 billion or 2.18% as compared to prior period from Rp.43,647 billion to Rp.44,600 billion which was mainly resulted from increase in cellular revenues and data and internet revenues.

Consolidated Operating Expenses increased by Rp3,671 billion or 15.46% as compared to prior period from Rp.23,751 billion to Rp.27,422 billion which was mainly contributed by significant increase in operation and maintenance expenses and depreciation expenses.

In the third quarter of 2008, the Company recorded a decrease in Consolidated Net Income by Rp.899 billion or 9.16% as compared to prior period from Rp.9,819 billion to Rp.8,920 billion, while Consolidated Operating Income also decreased by Rp.2,718 billion or 13.66% from Rp.19,897 billion to Rp.17,179 billion.

The company said that the total number of mobile cellular subscribers for the quarter ended Sept.30 was 60.5 million or an increase of 16 million (36%)compared to the previous year, meanwhile total fixed wireless Flexi subscribers was 9.15 million or an increase of 3.5 million (63%) compared to a year ago. PT Telkomsel, as a subsidiary company of TELKOM, still leads the mobile cellular market with more than 50% while it still maintains good network quality and capacity for its customers.

Total number of broadband Speedy subscribers in third quarter of 2008 was 593 thousand or increase 384 thousand (184%) compare to the previous year.

The increase of subscribers in TELKOM’S main core businesses was attributable mostly by an increase of net adds through the launching of new competitive products in the market, increased promotions and special discount offers. The Company believes that line number of subscribers will continue to increase throughout the year end 2008. The increase in subscriber base in third quarter, show that TELKOM is able to maintained its market share and lead particularly in mobile cellular, fixed wireless and broadband which all provides a strong base for the Company’s short term and long-term growth.

TELKOM’s Chief Financial Officer Sudiro Asno said, “Our third quarter results showed that our focus was more on improving subscriber growth and it has paid off, and we shall maintain our lead in market share especially across our main core businesses.

The company is confident that it is on track on strengthening its competitive position and that it will continue to improve its quality and service while improving its profitability over the long haul.

Harsya Denny Suryo
Vice President Investor Relations and Corporate Secretary
PT. Telekomunikasi Indonesia, Tbk.

For further information please contact :
Investor Relations & Corporate Secretary
PT TELEKOMUNIKASI INDONESIA, Tbk
Tel: 62-21-5215109
Fax: 62-21-5220500
Email: investor@telkom.co.id
Website: www.telkom-indonesia.com

PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
SEPTEMBER 30, 2007 AND 2008
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

		2007		2008
	Notes	Rp.		Rp.		US$ (Note 3)
ASSETS
CURRENT ASSETS
Cash and cash equivalents	2c,2e,5,44		6,493,187		7,545,364		800,144
Temporary investments	2c,2f,44		177,879		270,650		28,701
Trade receivables	2c,2g,6,37,44
Related parties — net of allowance for doubtful accounts of Rp.94,989 million in 2007 and Rp.181,774 million in 2008			567,612		393,465		41,725
Third parties — net of allowance for doubtful accounts of Rp.1,031,541 million in 2007 and Rp.1,056,359 million in 2008			2,919,563		2,780,263		294,832
Other receivables — net of allowance for doubtful accounts of Rp.9,668 million in 2007 and Rp.11,969 million in 2008	2c,2g,44		154,610		173,037		18,350
Inventories — net of allowance for obsolescence of Rp.52,840 million in 2007 and Rp.62,462 million in 2008	2h,7,37		202,465		399,916		42,409
Prepaid expenses	2c,2i,8,44		2,430,367		1,860,933		197,342
Claims for tax refund	38		337,855		420,550		44,597
Prepaid taxes	38		3,048		148,010		15,696
Restricted time deposits	2c,9,44		8,460		21,044		2,231
Total Current Assets			13,295,046		14,013,232		1,486,027
NON-CURRENT ASSETS
Long-term investments — net	2f,10		101,924		141,559		15,012
Property, plant and equipment — net of accumulated depreciation of Rp.51,964,900 million in 2007 and Rp.60,527,740 million in 2008	2k,2l,4,11, 19,20,23		58,390,386		66,405,452		7,041,936
Property, plant and equipment under Revenue-Sharing Arrangements — net of accumulated depreciation of Rp.556,057 million in 2007 and Rp.549,620 million in 2008	2m,12, 34,47		753,756		570,878		60,538
Prepaid pension benefit cost	2i,2r,41		99		697		74
Advances and other non-current assets	2c,2o,13, 29,44,49		592,748		1,957,756		207,609
Goodwill and other intangible assets — net of accumulated amortization of Rp.4,495,594 million in 2007 and Rp.5,571,131 million in 2008	2d,2j,4, 14,37		3,649,601		2,889,971		306,466
Escrow accounts	2c,15,44		1,398		43,861		4,651
Total Non-current Assets			63,489,912		72,010,174		7,636,286
TOTAL ASSETS			76,784,958		86,023,406		9,122,313

See accompanying notes to consolidated financial statements, which form an integral part of the consolidated financial statements.

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued)
SEPTEMBER 30, 2007 AND 2008
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

		2007		2008
	Notes	Rp.		Rp.		US$ (Note 3)
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade payables	2c,16,44
Related parties			1,621,089		1,516,110		160,775
Third parties			4,303,484		7,445,795		789,586
Other payables			42,515		20,385		2,162
Taxes payable	2s,38		2,234,461		1,105,281		117,209
Dividends payable			1,443,053		2,855,632		302,824
Accrued expenses	2c,17,35, 44		2,653,744		2,874,725		304,849
Unearned income	18		2,398,869		3,135,568		332,510
Advances from customers and suppliers			192,088		197,090		20,900
Short-term bank loans	2c,19,44		950,152		53,449		5,668
Current maturities of long-term liabilities	2c,20,44		4,108,241		6,450,582		684,049
Total Current Liabilities			19,947,696		25,654,617		2,720,532
NON-CURRENT LIABILITIES
Deferred tax liabilities — net	2s,38		3,392,526		2,950,461		312,880
Unearned income on Revenue-Sharing Arrangements	2m,12,47		557,601		336,534		35,687
Accrued long service awards	2c,2r,42,44		66,743		83,630		8,869
Accrued post-retirement health care benefits	2c,2r,43,44		2,708,854		2,645,150		280,504
Accrued pension and other post-retirement benefits costs	2r,41		1,021,658		1,213,422		128,677
Long-term liabilities — net of current maturities
Obligations under capital leases	2l,11,20		190,883		228,380		24,218
Two-step loans — related party	2c,20,21,44		3,726,622		3,468,125		367,776
Bank loans	2c,20,23,44		2,391,795		6,439,296		682,852
Deferred consideration for business combinations	20,24		2,700,015		1,609,746		170,705
Total Non-current Liabilities			16,756,697		18,974,744		2,012,168
MINORITY INTEREST	25		8,262,080		8,800,782		933,275

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (continued)
SEPTEMBER 30, 2007 AND 2008
(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars)

		2007			2008
	Notes	Rp.			Rp.			US$ (Note 3)
STOCKHOLDERS’ EQUITY
Capital stock — Rp.250 par value per Series A Dwiwarna share and Series B share
Authorized — 1 Series A Dwiwarna share and 79,999,999,999 Series B shares
Issued and fully paid — 1 Series A Dwiwarna share and 20,159,999,279 Series B shares	1c,26		5,040,000			5,040,000			534,464
Additional paid-in capital	27		1,073,333			1,073,333			113,821
Treasury stock — 222,340,500 shares in 2007 and 480,163,000 shares in 2008	2u,28		(1,945,901	)		(4,202,255	)		(445,626	)
Difference in value arising from restructuring transactions and other transactions between entities under common control	2d,29		180,000			270,000			28,632
Difference due to change of equity in associated companies	2f		385,595			385,595			40,890
Unrealized holding gain from available-for-sale securities	2f		14,992			(2,596	)		(275	)
Translation adjustment	2f		228,024			228,805			24,264
Retained earnings
Appropriated			6,700,879			10,557,985			1,119,617
Unappropriated			20,141,563			19,242,396			2,040,551
Total Stockholders’ Equity			31,818,485			32,593,263			3,456,338
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			76,784,958			86,023,406			9,122,313

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PERUSAHAAN PERSEROAN (PERSERO)
P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008

(Figures in tables are presented in millions of Rupiah and thousands of United States Dollars,
except per share and per ADS data)

		2007			2008
	Notes	Rp.			Rp.			US$ (Note 3)
OPERATING REVENUES
Telephone	2q,30
Fixed lines			8,465,629			7,452,847			790,334
Cellular			16,716,458			18,280,741			1,938,573
Interconnection	2q,31,44
Revenues			9,378,332			9,022,406			956,777
Expenses			(2,257,468	)		(2,383,169	)		(252,722	)
Net			7,120,864			6,639,237			704,055
Data and internet	2q,32		10,164,051			10,761,163			1,141,163
Network	2q,33,44		601,139			796,160			84,428
Revenue-Sharing Arrangements	2m,12,34,47		320,353			267,518			28,369
Other telecommunications services			258,785			402,548			42,688
Total Operating Revenues			43,647,279			44,600,214			4,729,610
OPERATING EXPENSES
Depreciation	2k,2l,2m, 11,12,13		7,022,770			7,988,460			847,133
Personnel	2r,17,35, 41,42,43		6,188,397			6,490,783			688,312
Operations, maintenance and telecommunication services	2q,36,44		6,840,662			8,738,220			926,641
General and administrative	2g,2h,2q,6, 7,14,37		2,539,008			2,626,768			278,554
Marketing	2q		1,159,873			1,577,315			167,266
Total Operating Expenses			23,750,710			27,421,546			2,907,906
OPERATING INCOME			19,896,569			17,178,668			1,821,704
OTHER (EXPENSES) INCOME
Interest income	44		378,215			495,233			52,517
Equity in net income of associated companies	2f,10		6,919			2,476			263
Interest expense	44		(1,070,206	)		(1,001,438	)		(106,197	)
Loss on foreign exchange — net	2p		(113,642	)		(63,806	)		(6,766	)
Others — net			61,195			326,769			34,652
Other income (expenses) — net			(737,519	)		(240,766	)		(25,531	)
INCOME BEFORE TAX			19,159,050			16,937,902			1,796,173
TAX (EXPENSE) BENEFIT	2s,38
Current			(5,194,590	)		(4,987,058	)		(528,850	)
Deferred			(727,129	)		165,138			17,512
			(5,921,719	)		(4,821,920	)		(511,338	)
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES			13,237,331			12,115,982			1,284,835
MINORITY INTEREST IN NET INCOME OF CONSOLIDATED SUBSIDIARIES — Net	25		(3,418,276	)		(3,196,094	)		(338,928	)
NET INCOME			9,819,055			8,919,888			945,907
BASIC EARNINGS PER SHARE	2w,39
Net income per share			491.64			451.08			0.05
Net income per ADS (40 Series B shares per ADS)			19,665.60			18,043.20			2.00

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