JAKARTA – Starting to invest in PT GoTo Gojek Topedia Tbk (GOTO) since May 2023, PT Telkom Indonesia Tbk (TLKM) recorded loss of IDR 403 billion as of Q1 2024. However, the management of Telkom did not signal any intention to divest or halt the investment. 

According to Financial Report of Q1 2024, TLKM indeed reported slight decrease in operating profit from IDR 11.43 trillion in Q1 2023 to IDR 11 billion at the end of March 2024. Aside from swelling costs and expenses, TLKM booked an unrealised loss from investment in GOTO of IDR 403 billion. 

In the same quarter last year, TLKM, in fact, reported unrealised gain from investment activities of IDR 430 billion. In total, the decrease reached over IDR 800 billion within a year.

However, Telkom still insists to proceed with this investment, even increasing the amount. "We have yet to discuss a plan of divestment in GOTO. In fact, we will continue to develop the investment to gain maximum value from this synergy," added Heri Supriadi, Director of Finance and Risk Management of TLKM.

Telkom claims that it does not seek any capital gain from investment in GOTO. "Instead, the bigger thing we expect is a synergy with GOTO in numerous element," Supriade continued during the Press Conference of AGMS of Telkom today (3/5).

Supriadi further said that this synergy has generated added value that has been significantly expanding for Telkom. "And we expect it to compensate all investment that we have planted in GOTO prior to this," he added.

Ririek Adriansyah, President Director of Telkom, further mentioned that the gain or loss from investment in GOTO will not affect TLKM's operational activities. "It has been indeed reported under Telkom's net profit, but not in its operation," he concluded. (ZH)