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Indonesian Whoosh consortium posts Rp 3.5 trillion H1 loss
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A Whoosh high-speed train is pictured at Halim station in Jakarta during the service’s inauguration on Oct. 2, 2023. (AFP/Bay Ismoyo)
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ndonesian state-owned enterprises (SOEs) booked Rp 3.53 trillion (US$221.8 million) in losses related to the operation of the Whoosh high-speed railway in the first half of this year, according to a financial report released by state-owned railway company PT Kereta Api Indonesia (KAI).
PT Pilar Sinergi BUMN Indonesia (PSBI), the consortium of SOEs that holds Indonesia’s stake in Whoosh, owns 60 percent of the enterprise. The complement is held by a consortium of Chinese state-run firms. Together, the two parties make up PT Kereta Cepat Indonesia China (KCIC).
Including the losses on the Chinese side, the total losses could be far over reported by the Indonesian side.
PT KAI, which holds 51.37 percent of the Indonesian consortium, recorded Rp 1.81 trillion of the losses, according to its financial report.
The remainder of the Indonesian losses were shared among state-owned construction firm PT Wijaya Karya (WIKA), state-owned toll road operator PT Jasa Marga and state-owned plantation company PTPN VIII.
Read also: Whoosh burden bleeding finances, WIKA tells House
PT KAI as a whole booked a net profit of Rp 1.1 trillion in the first half of the year, up 33 percent from same period last year. The railway company has been pursuing other sources of revenue, including expanding its coal freight services and introducing luxury seats for its passenger services.
