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Publicly listed e-commerce giant PT Bukalapak posted a first-ever net profit in the first quarter this year at Rp 14.5 trillion (US$1 billion), reversing a net loss from the same period last year, following the acquisition of lender PT Allo Bank.
The company's latest financial statement shows that revenue went up 85 percent year-on-year (yoy) to Rp 787 billion driven by its Mitra Bukalapak business arm, which provides e-procurement services for warungs (small kiosks).
But the biggest gain was the addition of Rp 15.49 trillion in unrealized investment gains for Allo Bank. Bukalapak announced acquiring an 11.49 percent stake in the lender in January.
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