Bukalapak Makes IDR 1 Trillion Net Loss in Q1 2023

PT Bukalapak.com Tbk (IDX: BUKA) recorded a net loss of IDR 1 trillion in Q1 2023. This loss was inversely proportional to the profit achievement of IDR 14,5 trillion in the same period last year due to investment profit in PT Allo Bank Tbk (IDX: BBHI).

Written in its official statement, Bukalapak has pocketed a revenue growth of 28% to IDR 1 trillion compared to the first quarter of 2022 around IDR 788 billion. Of Bukalapak's total revenue, the Mitra business line scored the largest contribution with IDR 513,7 billion, followed by the Marketplace line with IDR 484,4 billion, and BukaPengadaan with IDR 7,79 billion.

Next, Bukalapak prints adjusted EBITDA minus IDR 209 billion with a ratio adjusted EBITDA against TPV increased to -0,5% from -1,1%. Total Processing Value (TPV) IDR 40,5 trillion or grew 19% on an annual basis (YoY), driven by the growth of the Marketplace line and specialty verticals.