JAKARTA. PT GoTo Gojek Tokopedia Tbk (GOTO) recorded a massive swelling in its net loss, reaching IDR 20.32 billion as of September 2022. Said number was 745.49% higher than the net loss seen in the same period in 2021.
In the information disclosure today (22/11), Jacky Lo, Director of Finance of GoTo Group, mentioned that the company will proceed with prudence, focusing on managing its cost of sales, after considering the current challenging economy trends, including booming inflation rate, increased interest rate, and fuel oil price surge. “We have reduced incentive expenditures, eliminated promotional sales for inactive consumers, and supressing the marketing expenditure, as well as optimising cost of sales reduction. They all aim to support the foundation of this company,” he explained in detail.
Based on the Financial Report of Q3 2022, GOTO is seen suffering from a massive net loss surge of 75.49% year-on-year (yoy) from IDR 11.57 trillion to IDR 20.32 trillion. Its expenses also proliferated 86.76% yoy from IDR 16.44 trillion to IDR 30.72 trillion. These undesirable upturns in expenses and loss resulted from the merger between Gojek and Tokopedia earlier this year.
On the other hand, GOTO’s revenue actually soared 132.35% yoy from IDR 3.4 trillion to IDR 7.9 trillion. However, this amount of income could not compete with such huge financial burden throughout the first nine months of 2022. (AM/ZH)