Jakarta – PT GoTo Gojek Tokopedia Tbk (GOTO) has announced its performance for the 2023 financial year. GOTO managed to achieve net income of IDR 14.78 trillion or an increase of 30.28 percent compared to the previous year’s IDR 11.34 trillion.
Based on information disclosure from the Indonesia Stock Exchange (BEI), GOTO was also able to record a decrease in operating losses throughout 2023 of 66.11 percent to IDR 10.27 trillion from IDR 30.32 trillion in the previous year.
Even though operating losses were recorded to have decreased, GOTO’s net loss actually increased by 128.44 percent to IDR 90.39 trillion in 2023 from the same period the previous year which was recorded at IDR 39.57 trillion.
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GOTO’s Finance Director, Jacky Lo, stated that the increase in net loss value was caused by the recording of a goodwill reversal of minus IDR 78.76 trillion as required by applicable financial accounting standards.
“This is the impact of the Tokopedia and TikTok transaction which resulted in GoTo losing control of Tokopedia starting February 1 2024,” said Jacky in an official statement quoted on March 20 2024.
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He explained that the loss resulting from the reversal of the goodwill value was non-recurring, non-cash, and had no impact on the company’s adjusted EBITDA or cash flow.
Meanwhile, the GOTO group’s EBITDA position throughout 2023 was recorded to have improved by 77 percent to IDR 3.67 trillion, compared to the same period the previous year which was still recorded at IDR 16.01 trillion.