Investor Daily, Jakarta – State-run telecommunication company Telkom (TLKM) recorded a net profit of Rp 16.58 trillion ($1 billion) for the nine months ending September 30 of the year, down 12.3 percent year-on-year.

It generated revenue of Rp 108.87 trillion ($7 billion) in the period, an increase of 2.66 percent y-o-y, according to the company's filing. Operating profit also fell from Rp 36.3 trillion to Rp 31.57 trillion.

Earlier this week, Telkom confirmed it will retain its shares in GoTo, a merger of the country's leading ride-hailing company Gojek and e-commerce giant Tokopedia, ahead of the end of the lock-up period on November 30.

GoTo conducted the initial public offering on April 11. Telkom has invested Rp 10.2 trillion in GoTo mostly through its subsidiary Telkomsel, Indonesia's biggest cellular operator.

"Telkomsel's investment decision in GoTo is a long-term one by nature. The feasibility approach in this investment is to gain a synergic value that is mutually beneficial," Telkomsel senior vice president Ahmad Reza told Investor Daily.

Source: https://jakartaglobe.id/business/telkom-net-profit-down-12-pct-to-rp-16