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Indonesia’s GoTo posts net loss, warns of volatile market

(Source: GoTo)

Indonesia’s biggest tech company GoTo posted a US$954.85 million net loss for the first half of the year on Tuesday, as its CEO flagged volatile markets and souring economic conditions.

PT GoTo Gojek Tokopedia Tbk – whose businesses straddle e-commerce, on-demand apps and finance – saw its losses between January and June more than double from the same period the previous year.

“2022 has been a volatile year in our market and the macro conditions driving this may persist for some time,” CEO Andre Soelistyo said in a webcast on their latest results.

“We will remain watchful on how geopolitical tension, rising fuel cost, inflation and high interest rates will unfold,” he added.

GoTo, which went public earlier this year, posted a net revenue of 3.4 trillion rupiah for the first half. It set a gross revenue guidance of 5.7 trillion to 6 trillion rupiah for its July – September period.

GoTo debuted on April 11 after raising $1.1 billion in an initial public offering by selling around 4 per cent of its shares at 338 rupiah per piece.

Shares of GoTo closed at 324 rupiah per share on Tuesday, up 1.25 per cent from its opening price. The financial results were made public after market closed.

GoTo is seeking to raise about $1 billion through a convertible bond issue. The deal is expected to be launched in the fourth quarter.

  • Reporting by Stefanno Sulaiman; Editing by John Geddie, of Reuters.

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