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Telkom's net profit shrinks on back of GoTo share value decline
Revenue at the state-owned telco company increased by 2.9 percent to Rp 147 trillion, supported by a rise in cellular data and Indihome's topline growth.
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PT Telekomunikasi Indonesia, better known as Telkom Indonesia, is a multinational Indonesian telecommunications conglomerate. (Shutterstock/Faishalabdula)
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tate-owned telecommunications company Telkom Indonesia saw its net profits shrink by 18.46 percent year-on-year (yoy) to Rp 27.68 trillion (US$1.82 billion) last year.
Telkom said the drop in earnings was mainly due to unrealized losses from its investment in homegrown tech giant GoTo.
Fair value of the company's subsidiary investment in GoTo plummeted to a Rp 6.7 trillion loss in 2022, from the previous Rp 2.5 trillion profit in 2021, a Telkom company filing states.
The decline in the company's bottom line offset the improvement in its revenue, which was mostly contributed by cellular data and home internet services.
In the financial report published on Friday, Telkom saw its revenue inch up by 2.9 percent yoy to Rp 147.31 trillion last year.
The hike in Telkom's top line was supported by revenue from cellular data and internet, which grew by 7 percent yoy to Rp 69 trillion last year. The segment remains the company's bread and butter with a 46.8 percent contribution to its total revenue.
Telkomsel, the telco's subsidiary for mobile services, saw its revenue increase by 1.8 percent yoy to Rp 89 trillion last year, achieved by serving more than 156.8 million customers.
