The decline in Telkom’s profit was due to unrealized losses from the fair value change of investments amounting to Rp 6.44 trillion in 2022. In 2021, Telkom recorded unrealized gains from the fair value change of investments amounting to Rp 3.43 trillion.
Telkom stated that its subsidiary, Telkomsel, assessed the fair value of its investment in PT GoTo Gojek Tokopedia Tbk (GOTO) using the GOTO share market value of Rp 91 per share at the end of December 2022. The amount of unrealized losses from the fair value change of Telkomsel’s investment in GOTO at the end of last year was Rp 6.74 trillion.
Ahmad Reza, SVP Corporate Communications & Investor Relations at Telkom Indonesia, said that since the beginning of Telkom’s investment through Telkomsel in GOTO, the focus has been on long-term business development and potential synergy value, not just capital gain.
“Along with GoTo, which has now become a public company through an IPO last year, fluctuating stock values become a normal thing that follows market developments, so the impact can only be short-term, while still having the opportunity to grow according to GoTo’s consistency in developing its business, especially in the digital sector in the long run,” said Reza.
