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Startups

Bukalapak makes $577m profit in first half, swinging from loss

Demand for digitalization of Indonesia's small retail shops boosts revenue

Bukalapak says its Mitra Bukalapak business, which helps digitalize the country's ubiquitous small retailers, has been thriving. (Photo by Yuki Kohara) 

JAKARTA -- Indonesian tech giant Bukalapak said on Monday it made a net profit of 8.59 trillion rupiah ($577 million) for the six months ended June as an investment gain helped it to turn from a loss of 767 billion rupiah in the same period last year.

In a filing to the Indonesia Stock Exchange (IDX), Bukalapak also said revenue for the same period also surged 96% year-on-year to 1.69 trillion rupiah. The half-year profit was helped by a gain from its investment in Allo Bank, a small local lender, in January. Bukalapak, however, did not disclose the size of the gain.

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