, Indonesia
Source: Bukalapak website

Indonesia’s Bukalapak reverses loss as net profit soars over 400% in 9M

Its income stood at IDR3.61t over the said period.

Indonesia’s PT Bukalapak reported its net profit grew by 421% to IDR3.618t in the first nine months of the year, up from a net loss of IDR1.128t.

Over the same period in 2021, PT Bukalapak also noted that its operating income stood at IDR3.533t, representing a 391% growth from an operating loss of IDR1.216t. 

The company linked this growth to the “marked-to-market gain from the investment in PT Allo Bank Tbk.” 

In the third quarter alone, Bukalapak’s revenue grew by 86% to IDR898b, whilst its nine-month revenue rose by 92% to IDR2.589t.

Read more: Inflationary pressures to hit Indonesia's retail sector: report

“Having experienced a sustained period of QoQ revenue growth, the third quarter saw the company focus on generating revenue from a lower cost base to deliver its first positive contribution margin. In 3Q22, Bukalapak emphasized a reduction in costs and incentives whilst seeking to maintain revenue,” the company said in a statement. 

“Now that the company is confident that the business case is established, Bukalapak will re-focus on growing the top line, whilst continuing to deliver a positive contribution margin.”

 

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

BNPL regulations toughen debt prevention and financial literacy in APAC
The Philippines, Vietnam, and Indonesia are more vulnerable to the risks of credit products, Euromonitor International reported.
CONCEPT WATCH: Eatology cooks up a ‘halfway diet’ for Hong Kongers
The flexitarian meal plan is for consumers looking to reduce their consumption of animal-based products.