TheJakartaPost
Please Update your browser
Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.
GoTo's Q1 net loss nearly triples from 'business integration'
Publicly listed GoTo booked an increase in quarterly net loss to Rp 6.47 trillion (US$443 million).
Change text size
Gift Premium Articles
to Anyone
Share the best of The Jakarta Post with friends, family, or colleagues. As a subscriber, you can gift 3 to 5 articles each month that anyone can read—no subscription needed!
A group of Gojek drivers use Electrum electric motorcycles, one of the company’s many efforts to achieve its sustainability goals. (GoTo/Henry)
I
ndonesia's largest technology firm has posted a 2.6-fold increase in its first-quarter net loss from the merger of ride-hailing company Gojek and e-commerce platform Tokopedia that established it.
Publicly listed GoTo booked an increase in quarterly net loss to Rp 6.47 trillion (US$443 million) while its gross revenue increased 53 percent year-on-year (yoy) to Rp 5.2 trillion, according to the financial report it filed with the Indonesia Stock Exchange (IDX).
The two tech giants announced their merger in May 2021.
Praus Capital research head Alfred Nainggolan said that roughly one-third of GoTo's first-quarter net loss came from Tokopedia, which was not included in Gojek’s books for quarter one 2021.
"So, GoTo's performance in the first quarter of 2021 reflects the condition before it [merged with] Tokopedia. But still, even without the losses from Tokopedia in the first quarter of 2022, [GoTo's net loss still] increased compared to the first quarter of 2021," Alfred said on Tuesday.
His view was based on the losses incurred by superapp Gojek, which saw a 157 percent yoy increase in net loss to Rp 3.73 trillion in the first quarter of 2022.
IDX data showed that GoTo stock fell 3.18 percent on Tuesday, when the IDX Composite strengthened 1.58 percent.
