JAKARTA. PT Bakrie Telecom Tbk (BTEL), a telecommunication company under Bakrie Group, booked a loss of IDR 18.95 billion in the first quarter (Q1) of 2024.

Said loss was 28% year-on-year (yoy) lower than the number seen in the same period last year, in which BTEL’s loss reached IDR 26.44 billion.

BTEL’s sloping loss in Q1 2024 resulted from its revenue that exponentially increased to IDR 39.45 billion, a 281.9% yoy surge from the same period last year.

Although its revenue soared quite significantly, so did its cost of revenue, increasing 49% yoy to IDR 3.28 billion in Q1 2024. In addition, its operational expenses also swelled 123% yoy to IDR 29.96 billion, while loss on forex worsened 89.6% yoy to IDR 2.56 billion.

According to IDNFinancials data, BTEL had been recording continuous loss from 2020 to 2022. In 2023, it finally reported net profit of IDR 51.11 billion, ending its loss streak for three consecutive years.

As of March 31, 2024, BTEL’s total assets were at IDR 65.31 trillion, with cash and cash equivalent of IDR 5.51 billion and total equity of minus IDR 5.89 trillion. (KR/ZH)