Blibli Group recorded a 21.2% drop in losses amid higher revenue and take rate. Separately, Traveloka prepays $300-million private credit loan to a group of lenders.
Blibli cuts losses by 21% in Q1 2024
Indonesia-listed PT Global Digital Niaga Tbk, an entity that includes e-commerce player Blibli, online travel agency Tiket.com, and supermarket chain Ranch Market reported lower losses in Jan-March 2024 amid overall improvements in its business.
The group recorded a 21.2% year-on-year (YoY) drop in losses in the first quarter of 2024 to 696.1 billion rupiah ($43 million) from 883.6 billion rupiah in the same period a year earlier.
The group’s net revenue increased 2% YoY to 3.9 trillion rupiah, up from 3.8 trillion rupiah a year earlier as the firm focused on categories with higher margins and faster turnover.
Physical stores became the main contributor to Blibli’s revenue with nearly 1.3 trillion rupiah in Q1 2024, while its online retail segment remained a major contributor…