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View all search resultsWhoosh inflicts Rp 5.1 trillion H1 loss on Indonesian SOEs
The losses widened from Rp 4.9 trillion recorded for the whole of last year, according to the latest financial report released by state-owned railway company PT Kereta Api Indonesia (KAI).
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Daylight express: A Whoosh high-speed train passes through the Ngamprah tunnel on July 31, 2025, in West Bandung regency, West Java. (Antara/Abdan Syakura)
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T Pilar Sinergi BUMN Indonesia (PSBI), the consortium of state-owned enterprises (SOEs) that holds Indonesia's stake in the Jakarta-Bandung high-speed railway, known as Whoosh, posted mounting losses of Rp 5.1 trillion (US$282.5 million) in the first half of this year.
The loss widened from Rp 4.9 trillion recorded for the whole of last year, according to the latest financial report released by state-owned railway company PT Kereta Api Indonesia (KAI).
PSBI owns a 60 percent stake in Whoosh operator PT Kereta Cepat Indonesia China (KCIC) and therefore bears a corresponding 60 percent share of its losses, while the remaining 40 percent is held by a consortium of Chinese state-owned companies.
KAI, which holds a 58.53 percent stake in the Indonesian consortium, also reported a sharp decline in net profit to Rp 314.36 billion in the first half of this year, down from Rp 1.18 trillion in the same period last year.
The company's operating profit, however, rose to Rp 4.6 trillion from Rp 3.7 trillion a year earlier. The gains were offset by soaring losses from associates and joint ventures, including the Whoosh, which jumped to Rp 2.9 trillion from Rp 948 billion in the same period last year.
Read also: Whoosh losses raise doubts over Surabaya extension
Dony Oskaria, chief operating officer of state asset fund Danantara, has expressed commitment to actively implementing a gradual resolution strategy to ease the heavy financial burdens imposed on SOEs linked to the Whoosh project.
