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Bukalapak Posts Sales Jump in First Report Since Record IPO

  • Losses narrow as Indonesian online retailer curbs costs
  • Stock has fluctuated as investors assess Bukalapak’s prospects
Updated on

Indonesian e-commerce operator PT posted a 35% increase in first-half revenue and narrowing losses in the debut report since its initial public offering, driven by surging demand for online shopping as the coronavirus raged.

Revenue rose to 864 billion rupiah ($60 million) as transactions processed reached almost $4 billion, the Jakarta-based company said in a statement. Net loss shrank to 766 billion rupiah from 1.03 trillion rupiah a year earlier as the company reduced expenses.