GoTo posts 4th straight adjusted profit, helped by cost cuts

Indonesia's GoTo Group notched a fourth consecutive quarter of adjusted profit, making progress with reining in expenses and boosting revenue amid stiff competition in ride-hailing and delivery.

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Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) were 427 billion rupiah (S$33.9 million) for the second quarter, said GoTo in a statement on Aug 13.

That compares with a pro forma loss of 64 billion rupiah a year earlier. Net revenue, which excludes incentives to driver and merchant partners, and promotions to users, climbed 23 per cent on a pro forma basis to 4.3 trillion rupiah.

Gojek owner GoTo has been making strides in its effort to cut costs and prove to investors it can make money.