JAKARTA. PT Arkadia Digital Media Tbk (DIGI), an issuer that owns news and multimedia portals, posted revenue of IDR 25.98 billion in the first half (1H) of 2023.

DIGI's revenue in 1H 2023 grew 37.8% year-on-year (yoy) or from the same semester last year, where the company only posted revenue of IDR 18.85 billion. All of the company's revenue in 1H 2023 came from the content provider and web portal service business.

Even though its revenue grew positively, DIGI still suffered a loss of IDR 1.18 billion in 1H 2023. However, the loss in this period was still quite small when compared to the same semester last year, where the company posted a loss of IDR 11.51 billion.

A number of causes of DIGI's loss in 1H 2023 were the high cost of revenue which reached IDR 13.75 billion. In the same semester last year, the company's cost of revenue only reached IDR 10.74 billion. Then the company's marketing expenses rose to IDR 217 million in 1H 2023, while in the same semester last year it was only IDR 196 million.

At the end of June 2023, DIGI had IDR 1.35 billion in cash and banks. The company's total assets were recorded at IDR 17.38 billion, while its total equity was minus IDR 5.09 billion. (KR/LM)