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Top related persons:
Joko Widodo - 1 Widodo - 1 GoTo - 1 Tokopedia Tbk - 1 Pham Nhat Vuong - 1
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HANOI Vietnam Indonesia Haiphong Vietnamese Indonesian North Carolina India
Top related orgs:
Green SM - 1 EV - 1 VinFast’s - 1 Group - 1 AP - 1

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7 mentions found


☆ Indonesia's President Visits Vietnam's EV Maker Vinfast and Says Conditions Ready for a Car Plant
  + stars: | 2024-01-13 | by ( Associated Press | Jan. | At A.M. | ) www.usnews.com   time to read: +2 min
On a trip to the sprawling factory in the port city of Haiphong in northern Vietnam, Widodo also sat behind the wheel of a VinFast electric car before wrapping up his three-day visit to Vietnam. The Vietnamese EV maker has said it will invest $1.2 billion in Indonesia and build a factory with the potential to make up to 50,000 vehicles every year. Green SM, an EV taxi operator that is mostly owned by VinFast’s founder, also announced an investment plan of $900 million in Indonesia. VinFast's plans to expand in Indonesia are part of their global goal of selling EVs in 50 markets worldwide. It is exporting EVs to the U.S. and also building a $4 billion EV factory in North Carolina, where production is slated to begin this year.
Persons: Joko Widodo, Widodo, GoTo, Tokopedia Tbk, Pham Nhat Vuong Organizations: Green SM, EV, VinFast’s, Group, AP Locations: HANOI, Vietnam, Indonesia, Haiphong, Vietnamese, Indonesian, North Carolina, India, Vingroup, Ukraine
☆ Indonesia's GoTo reports narrower Q1 loss, expects core profit in Q4
  + stars: | 2023-04-27 | by ( ) www.reuters.com   time to read: +1 min
Like many other tech companies, GoTo has been reducing its spending and laying off staff this year to ride out the global economic uncertainty. Group CEO Andre Soelistyo said in a statement the company was halfway towards becoming adjusted EBITDA positive in the fourth quarter. "A lower cost base will provide us with additional flexibility to allocate capital for the acceleration of growth in the future," GoTo Group CFO Jacky Lo said. GoTo posted a net loss of 3.9 trillion rupiah in the first three months of 2023, versus a loss of 6.6 trillion rupiah a year earlier. GoTo shares closed up 4.21% at 99 rupiah per share on Thursday before the earnings announcement.
☆ Grab forecasts 2023 revenue above estimates on demand boom
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +1 min
Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom. Decade-old Grab, a household name in eight Southeast Asian countries, forecast its 2023 revenue between $2.20 billion and $2.30 billion. Analysts have forecast annual sales to scale $1.97 billion, according to Refinitiv data. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives. Reporting by Nivedita Balu in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.
☆ Grab forecasts 2023 revenue above estimates, brings forward profit target
  + stars: | 2023-02-23 | by ( ) www.reuters.com   time to read: +2 min
Feb 23 (Reuters) - Grab Holdings Ltd (GRAB.O), Southeast Asia's biggest ride-hailing and food delivery firm, on Thursday forecast upbeat 2023 revenue and pulled forward its profitability timeline on hopes that consumers will continue to rely on its services. New York-listed shares of a decade-old Grab, a household name in eight Southeast Asian countries, gained 6% in premarket trading. The company forecast its 2023 revenue between $2.20 billion and $2.30 billion. For the year, Grab forecast loss before interest, taxes, depreciation, and amortization between $275 million and $325 million. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives.
☆ Indonesia GoTo's Jan-Sept 2022 net loss at $1.3 bln, despite improving Q3 results
  + stars: | 2022-11-21 | by ( ) www.reuters.com   time to read: +1 min
JAKARTA, Nov 21 (Reuters) - Indonesian tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) reported a net loss of 20.32 trillion rupiah ($1.29 billion) between January and September 2022, according to financial statements published on Monday, amid a sell-off in tech stocks. Losses widened from the same period last year, when the firm reported a 11.57 trillion rupiah net loss, according to the statements. GoTo said in a press statement following the result that it saw financial improvements in the April-June 2022 period and expected to see more over the coming quarters. In Q3 2022 alone, GoTo's gross revenue was up 30% from the same period last year to 5.9 trillion rupiah and its adjusted EBITDA loss narrowed by 11% year-on-year to 3.7 trillion rupiah. Shares of GoTo closed at 210 rupiah per share on Monday, down 5.41% in intra-day trade.
☆ Indonesia's GoTo to cut 1,300 jobs to step up cost cutting
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: +2 min
GoTo said it has achieved around 800 billion rupiah ($51 million) in cost savings in the first half of this year through efficiency measures in technology, marketing and outsourcing. GoTo, which offers ride-hailing and financial services, went public in April with a $1.1 billion stock sale. Its shares are trading 44% below its initial public offering price, as investor sentiment on the tech sector sours amid soaring inflation and interest rates. Shares in GoTo rose 2.8% on Friday after announcing the job cuts. In recent months, Southeast Asia's largest-ecommerce firm Shopee cut jobs in various countries and shut some overseas operations as parent Sea (SE.N) struggle with losses.
☆ Indonesia's GoTo considering secondary offering of shares
  + stars: | 2022-10-24 | by ( ) www.reuters.com   time to read: +1 min
JAKARTA, Oct 24 (Reuters) - Indonesia's biggest tech firm PT GoTo Gojek Tokopedia Tbk (GOTO.JK) is exploring a coordinated secondary offering of shares held by pre-IPO shareholders after a lock-up period ends late next month, the company said on Monday. It said it would not issue or sell new shares, so there would be no dilution of GoTo's shares. The remaining shares are held by some of GoTo's executives and shareholders, each with ownership of less than 5%. Shares of GoTo closed at 190 each on Monday, a drop of 5%. GoTo debuted on April this year, raising $1.1 billion in an IPO by selling around 4% of its shares at 338 rupiah each.
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