Bukalapak Plans to Lay Off Workers Next Year

Tempo10-31

TEMPO.CO, Jakarta - CEO of e-commerce PT Bukalapak.com (BUKA), Willix Halim, said his company will change its operational approach and focus on business segments after experiencing consecutive losses....

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Bukalapak has re-evaluated the prospects of several business segments and decided to restructure to achieve the company's strategic goals.\"This restructuring will result in layoffs in various business units to be implemented over the next two quarters,\" Willix said in his written statement on Wednesday, October 30, 2024.Based on these considerations, Bukalapak has decided to focus on core businesses, including Mitra Bukalapak, gaming, investment, and various services in retail, Willix explained. Bukalapak has announced unaudited financial results for the first quarter ending September 30, 2024. In the third quarter of 2024, based on calculations using Earnings Before Interest, Taxes, Depreciation, and Amortization , Bukalapak still reported a financial performance with a company loss of Rp168 b","collect":0,"end_time":0,"defaultTopTitle":"tempo.co","property":[],"viewcount":null,"language":"en","relate_stocks":{"IDX":"印度尼西亚ETF-Market Vectors","BK7124":"保健护理服务","IPO":"Renaissance IPO ETF","IDX.AU":"INTEGRAL DIAGNOSTICS LTD"},"translate_title":"Bukalapak计划明年裁员","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IDX":1,"IDX.AU":1,"IPO":1},"content_text":"TEMPO.CO, Jakarta - CEO of e-commerce PT Bukalapak.com (BUKA), Willix Halim, said his company will change its operational approach and focus on business segments after experiencing consecutive losses. Bukalapak has re-evaluated the prospects of several business segments and decided to restructure to achieve the company's strategic goals.\"This restructuring will result in layoffs in various business units to be implemented over the next two quarters,\" Willix said in his written statement on Wednesday, October 30, 2024.\nBased on these considerations, Bukalapak has decided to focus on core businesses, including Mitra Bukalapak, gaming, investment, and various services in retail, Willix explained. Bukalapak has announced unaudited financial results for the first quarter ending September 30, 2024. In the third quarter of 2024, based on calculations using Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), Bukalapak still reported a financial performance with a company loss of Rp168 billion.\n\n\n\n\n\n\n\n\n\n\"Adjusted EBITDA in the third quarter of 2024 is still negative at Rp168 billion, which is not in line with the profitability target in 2024,\" he said in his written statement on Wednesday, October 30, 2024.The EBITDA method calculates earnings before interest, taxes, depreciation and amortization. Willix said the third quarter is the weakest of the year. This condition is caused by the seasonality of the business in both the online-to-offline and marketplace divisions.Revenue from January to September 2024 increased by 2 percent year-on-year to Rp3.4 trillion. As a result, EBITDA improved, although it was still negative at Rp68 billion. \"In the past three years, the market has changed significantly, as well as the competitive dynamics,\" Willix said.Meanwhile, based on Bukalapak's financial report on the website of the Indonesia Stock Exchange (IDX), its net loss narrowed in the third quarter of 2024. Bukalapak recorded a loss attributable to the parent company of BUKA in the current period of Rp597.34 billion, which is smaller than the previous period in 2023 of Rp776.22 billion.To date, Bukalapak still records an operating loss of Rp 1.32 trillion, up 2.12 percent annually compared to Rp 1.28 trillion in 2023. Despite revenue growth in the past, Willix said operating costs have increased more than revenue contributions in various business segments. \"We have made efforts to focus on operational optimization and maintain financial discipline to address these challenges,\" he said.Nevertheless, Willix said Bukalapak has taken various measures, but the losses and challenges faced by the company over the past three years have ultimately led to a refocus on core businesses. \"BUKA's operational activities will continue as usual and there will be no changes in the core business activities,\" he said.Willix mentioned that Bukalapak will focus on operating and developing its core businesses with a leaner and more efficient organization. This move is aimed at delivering optimal value to stakeholders and shareholders.PT Bukalapak.com Tbk (BUKA) or Bukalapak is planning to cease operations and close down several businesses or subsidiaries in the near future. This corporate action is also expected to affect employees with layoffs in the business lines that will be closed.\"The implementation of this corporate action plan will affect several employees throughout the company's business ecosystem,\" said Corporate Secretary Cut Fika Lutfi in a statement on the Indonesia Stock Exchange (IDX) website on Wednesday, October 30, 2024.Cut Fika assured that Bukalapak will fulfill all rights and compensation for the affected employees in accordance with applicable laws. She mentioned that this corporate move is not easy for the employees to accept. \"The company is aware that this is not an easy matter for its employees,\" she said.In addition, Cut Fika said that this corporate action also poses challenges. However, Bukalapak actually needs this action for the sustainability of the company. \"Management believes that this is necessary to ensure the long-term sustainability of the company,\" she said.Bukalapak went public (IPO) in 2021, and since then, according to Cut Fika, there have been many substantial changes, especially higher operating costs than revenues from various business segments. She said that this condition is inconsistent with the company's long-term strategy to achieve profitability and sustainable growth.Cut Fika said that Bukalapak has also reviewed the prospects of several business segments under this condition. However, Bukalapak is still incurring losses, especially in the last three years. Therefore, Cut Fika said that Bukalapak has finally made this decision. \"The company has made various best efforts,\" she said.Editor's Choice: Bukalapak Talks of Potential Expansion to South Korea after Song Joong Ki Named AmbassadorClick here to get the latest news updates from Tempo on Google News","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2479568081"}