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Bukalapak shares fall despite 35% first half revenue jump

Indonesian e-retailer bets on offline market as online competition heats up

Indonesian online retailer Bukalapak trimmed its losses in the first half of the year as pandemic restrictions continued to provide a tailwind for the e-commerce sector. (Photo by Ken Kobayashi)

TOKYO -- Shares in Bukalapak, one of the largest e-commerce platforms in Indonesia, fell on Wednesday despite the company posting a 35% jump in revenue for the first half of the year.

Bukalapak shares ended Wednesday's trading at 890 rupiah, down 5.8% on the day. The fall came despite the company booking revenue of 863 billion rupiah ($60.5 million) for the six months ended June, up 34.6% from the previous year, as announced in financial results released on Tuesday. This was Bukalapak's first earnings announcement since going public on the Indonesia Stock Exchange in early August.

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