ID ecommerce firm Blibli narrows losses by 17% in Q1

Blibli CEO and co-founder Kusumo Martanto / Photo credit: Blibli

Indonesian ecommerce firm Blibli recorded a net loss of 883.6 billion rupiah (US$60 million) in the first quarter of 2023, representing a 17% decrease compared to the same period last year.

The company’s net income rose by 21 percent, from 3.16 trillion rupiah (US$215.5 million) in Q1 2022 to 3.83 trillion rupiah (US$261 million) in the latest quarter.

“We started 2023 with optimism to be able to overcome all the challenges ahead and have full confidence in achieving better growth sustainably, and ultimately bringing us closer to profitability,” Blibli CEO and co-founder Kusumo Martanto said in a statement.

According to Blibli, this growth was particularly driven by its third-party (3P) retail business, which benefited from the recovery of online travel business post-Covid-19 pandemic and the return of offline shopping.

Martanto stresses the importance of Blibli’s omnichannel strategy by expanding its offline stores in both consumer electronics and groceries. The company said the number of its physical stores increased from 938 in Q1 2022 to 1,126 in Q1 of this year.

The company went public on the Indonesian stock exchange in November last year, raising gross proceeds of around US$510 million. It also operates travel booking platform Tiket.com and supermarket chain Ranch Market.

See also: Blibli posts 72% revenue jump in 2022 but remains in the red

For more Tech in Asia coverage of Blibli, head here. 

A version of this article was originally published by Rizqi Maulana on Tech in Asia Indonesia.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,670 rupiah.

Note: This article was translated with the help of AI. Don’t worry, humans were still involved in producing this story.